RTI International Jumps After Agreement to Buy Remmele

Jan. 10 (Bloomberg) -- RTI International Metals Inc. jumped the most in more than five weeks after announcing it will buy manufacturing and machining company Remmele Engineering Inc. for $164.5 million in cash.

RTI rose 11 percent to $25.91 in New York, the biggest increase since Nov. 30. RTI will buy Remmele, owned by Minneapolis-based private-equity firm Goldner Hawn Johnson & Morrison Inc., and will take on $18 million of debt for the deal, which will close in the first quarter, Pittsburgh-based RTI said in a statement today.

Remmele, based in Minneapolis, provides engineering and machining services to aerospace, defense and medical-device customers, RTI said in the statement.

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net