Titanium products maker RTI International Metals said it would purchase privately held Remmele Engineering for $164.5 million as it looks to step into new markets, such as medical device making space.RTI shares rose as much as 9 percent to $25.41 in Tuesday morning trade on the New York Stock Exchange.Remmele's medical device sector, which makes up just under half of its revenue, will be combined with RTI's fabrication segment, RTI Chief Executive Dawne Hickton said on a conference call with analysts.The addition of Remmele's medical device unit will lift the fabrication segment's total revenue contribution to 40-50 percent from the current 31 percent, Hickton added.
RTI International Metals, Inc. (RTI) is a producer and global supplier of titanium mill products and a manufacturer of fabricated titanium and specialty metal components for the national and international aerospace, defense, energy, and industrial and consumer markets. Shares of RTI traded higher by 8.59% or $2.01/share to $25.42. In the past year, the shares have traded as low as $20.07 and as high as $39.82. On average, 471779 shares of RTI exchange hands on a given day and today's volume is recorded at 183178.
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