Precision Castparts Corp, which makes metal components for the aerospace industry, said it will purchase Titanium Metals Corp for $2.9 billion in cash. Precision Castparts offered $16.50 per share for the maker of titanium metal products -- a 43 percent premium to the stock's Friday close."(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.Precision Castparts expects the acquisition to immediately add to its earnings.Dallas, Texas-based Titanium Metals said the merger agreement with Precision Castparts allows it to actively solicit other takeover offers for a period of 45 days.
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 731190.
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 2163674.
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