RTI International Metals announced today it will acquire Remmele Engineering, which serves the aerospace, medical device and other markets, for $182.5 million in cash and assumed debt.
The purchase will be made with $164.5 million in cash and includes the assumption of about $18 million in debt.
The Moon titanium producer said Remmele's expertise in engineering and machining precision metal parts will increase its ability to provide the same kind of sophisticated services to its customers.
Remmele, based in New Brighton, Minn., has annual revenue of $100 million and more than 500 employees. It was started in 1949 as a tool and die company.
Management will be retained once the acquisition is completed, which is expected to occur by the end of the first quarter.
A statement provided by vice chair, president and CEO Dawne S. Hickton said RTI's customers are looking for suppliers who can provide a wider variety of titanium products and related services "and this acquisition directly addresses that need."
Remmele will contribute to RTI's earnings as soon as the acquisition is completed, she said.
RTI made the announcement before the market opened. Shortly before 11 a.m., RTI shares were priced a $25.17, up $1.76. They were down 14 percent last year.
Len Boselovic: lboselovic@post-gazette.com or 412-263-1941.First published on January 10, 2012 at 11:28 am
Source: http://www.post-gazette.com/pg/12010/1202578-100.stm?cmpid=news.xml
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