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RTI International Metals Inc and Titanium Industries Announce Closing of Sale of RTI Pierce Spafford


Tuesday, 30 Apr 2013 09:13pm EDT 

RTI International Metals Inc and Titanium Industries Inc announced that they have closed on the sale of RTI's wholly owned subsidiary, Pierce-Spafford Metals Company, Inc. (RTI Pierce Spafford), to Titanium Industries for approximately $12.5 million in cash. Pierce Spafford is a full-service stocking distributor of specialty metals serving customers in the aerospace, defense, oil and gas, power generation, and general industrial markets. RTI's flat rolled titanium products distribution business RTI Los Angeles, which is currently co-located with Pierce Spafford is not affected by the sale, but intends to relocate to an alternative site in the Los Angeles area. FBR Capital Markets & Co. acted as financial advisor to RTI, and Buchanan Ingersoll & Rooney PC acted as RTI`s legal advisor. Day Pitney LLP acted as the legal advisor to Titanium Industries. 

Company Quote

26.5
-0.51 -1.89%
4:04pm EDT