PITTSBURGH--(BUSINESS WIRE)--RTI International Metals, Inc. (NYSE: RTI), announced today it has acquired Dynamet Technology, Inc., an industry innovator in titanium powder metallurgy and a supplier of near-net shape titanium and titanium alloy preforms and components to commercial aerospace, defense, biomedical and industrial customers. Based in Burlington, Mass., Dynamet Technology will be included in RTI’s Titanium Segment. Purchase terms of the transaction were $15.5 million in cash, plus potential future cash consideration.
Dynamet Technology’s products are manufactured from the company’s proprietary titanium alloys, standard titanium alloys, and metal matrix composites using Dynamet Technology’s advanced powder metallurgical process. Near-net shape preforms and products that have been successfully produced and commercialized by Dynamet Technology include various missile parts as well as CermeTi® metal matrix composite material for medical implant products. In February 2012, Dynamet Technology announced the receipt of qualification approval from a large commercial aerospace OEM for the supply of powder metal Ti-6Al-4V alloy products for structural components on commercial aircraft. This was followed by AS9100C certification in April 2013 – a widely adopted and standardized quality management system certification that aerospace and defense manufacturers require of their suppliers. Last September, Dynamet Technology received the International Titanium Association’s Titanium Applications Development Award for 2013.
“This acquisition, RTI’s second new advanced technology investment this year, adds innovative titanium powder research and development, as well as a second distinct powder-based manufacturing technology to RTI’s capabilities,” Dawne S. Hickton, Vice Chair, President and CEO of RTI, said. “Together with our acquisition in January of RTI Directed Manufacturing, which specializes in 3D printing, the addition of Dynamet Technology enhances RTI’s strategic positioning to capitalize on increasing customer demand for lower cost materials and innovative near-net shape preforms and components. RTI looks forward to working with the Dynamet Technology team to maximize the opportunities we are confident this combination of talents will create.”
Stanley Abkowitz, Founder of Dynamet Technology, said: “We look forward to becoming part of the innovative team and culture at RTI. Our common view of the vast market opportunities and applications for the continued development and use of Dynamet Technology’s advanced powder metal technology make joining with RTI the ideal path forward to accelerate progress and market acceptance.”
Additional details regarding the transaction were not disclosed.
RTI Forward-Looking Statement
All statements in this release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. These risks and uncertainties include, but are not limited to, the successful completion and integration of this acquisition, our ability to profitably commercialize new products and production processes, global economic and political uncertainties, the concentration of our revenue within the commercial aerospace and defense industries, actual build-rates, production schedules and titanium content per aircraft for commercial and military aerospace programs, military spending generally and in particular, demand from the Joint Strike Fighter program, the competitive nature of the markets for specialty metals, the ability of RTI to obtain adequate raw materials, the successful completion of RTI’s capital expansion projects, and other risks and uncertainties described and included in RTI’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2013, and the exhibits attached thereto. Actual results can differ materially from those forecasted or expected. The information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as may be amended from time to time. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. RTI undertakes no obligation to update or revise any forward-looking statements.
RTI International Metals, Inc., is a leading vertically integrated global supplier of advanced titanium and specialty metals products and services to commercial aerospace, defense, energy, medical device and other customers. For more than 60 years, RTI has been taking titanium further through advanced manufacturing, engineering, machining, and forming processes. RTI delivers titanium mill products, extruded shapes, formed and 3D-printed parts, and highly engineered precision-machined components through its downstream integrated supply chain.
Headquartered in Pittsburgh, Pa., RTI has locations in the United States, Canada, Europe, and Asia. To learn more about RTI International Metals, Inc., visit our website at www.rtiintl.com.