Precision Castparts Corp offered $2.9 billion to acquire Titanium Metals Corp, a leading maker of alloys used in jet engines and controlled by Texas billionaire Harold Simmons.Precision Castparts, whose castings are used in every jet aircraft engine program in production or under development, said the acquisition of the titanium producer will help streamline its supply chain, reduce costs and boost earnings."(Titanium Metals) will provide us with the titanium capability that has always been a key missing piece of our overall product portfolio," Precision Castparts Chief Executive Mark Donegan said in a statement.The company offered $16.50 per share for Titanium Metals, a 43 percent premium to the stock's closing price on Friday of $11.57.
Precision Castparts Corp. (PCC) is a manufacturer of metal components and products, provides investment castings, forgings and fasteners/fastener systems for critical aerospace and industrial gas turbine (IGT) applications. Shares of PCP traded higher by 0.66% or $1.12/share to $171.33. In the past year, the shares have traded as low as $150.53 and as high as $179.47. On average, 651308 shares of PCP exchange hands on a given day and today's volume is recorded at 761447.
Titanium Metals Corporation (TIMET) is a producer of titanium melted and mill products. Shares of TIE traded higher by 1.14% or $0.13/share to $11.57. In the past year, the shares have traded as low as $10.42 and as high as $16.53. On average, 1356670 shares of TIE exchange hands on a given day and today's volume is recorded at 2820248.
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