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RTI International Metals to Acquire Remmele Engineering for $182.5 Million

RTI International Metals, a global supplier of advanced titanium mill products and fabricated components, it has entered into a stock purchase agreement under which it will acquire Remmele Engineering in a transaction valued at $182.5 million, with approximately $164.5 million in available cash and the assumption of approximately $18.0 million in debt. Remmele, acquired by Goldner Hawn Johnson & Morrison, Incorporated in 2007, provides precision machining and collaborative engineering, as well as other key technologies and services, for the aerospace and defense and medical device sectors. The acquisition is being financed from the deployment of RTI’s existing cash reserves. It is expected to close before the end of the first quarter of 2012 and be immediately accretive to earnings.

The acquisition is expected to accelerate and dramatically transform RTI’s downstream fabrication strategy in the aerospace and defense sector while providing entrance to new contract manufacturing end markets, such as the fast-growing medical device market. Customers of the combined organization will benefit from the complementary strengths of RTI and Remmele as an integrated titanium manufacturer. Remmele's expertise in engineering and precision machining of titanium for the medical device sector is expected to enhance RTI’s aerospace and defense capabilities, and RTI’s titanium manufacturing experience will help broaden the product offering to Remmele’s existing customers, and open the door to serving new customers. (Source: RTI International Metals, Inc.)