12/19/2012
NEWS BRIEFS
EU Regulators Approve PCC’s Acquisition of Timet
European Union regulators approved Precision Castparts Corp.’s acquistion of titanium producer Titanium Metals Corp. (Timet), the Wall Street Journal reports.
“The European Commission said the tie-up would not raise competition concerns, as the merged entity would be unable to raise prices owing to long-term supply agreements (LTAs) and original equipment manufacturers’ (OEMs) bargaining power,” the Journal reports.
In November PCC agreed to pay $2.9 billion for Timet, which manufactures a product range that includes ingot, slab, forging billet and mill forms at its factories in California, Nevada, Ohio, Pennsylvania, England, Wales and France.
Once the deal is finalized, Timet’s results will be reported as part of PCC’s Forged Products segment. ©2012 GlobalFastenerNews.com
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• Buying Spree Continues at Precision Castparts
• Hillman To Acquire H. Paulin & Co.
Related Links:
• Timet
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