Titanium products maker RTI International Metals said it will purchase Remmele Engineering for $164.5 million to enter new contract manufacturing markets, such as the fast-growing medical device space.Pittsburgh-based RTI said it will also assume $18.0 million in Remmele's debt. The company expects the deal to immediately add to its earnings.The acquisition, which is being financed from RTI's existing cash reserves, is expected to close before the end of the first quarter, RTI said in a statement.Remmele, which was bought by private equity firm Goldner Hawn Johnson & Morrison in 2007, caters to the aerospace, defense and medical device sectors.
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 remained unchanged at $23.41. 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 0.
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