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Gold/Mining/Energy : Titanium Metals Corp (TIE) -- Ignore unavailable to you. Want to Upgrade?

To: KLH who wrote (90)	5/21/1998 4:53:00 PM
From: KLH	Read Replies (1) \| Respond to of 229

Thursday May 21, 4:08 pm Eastern Time Company Press Release Titanium Metals Corporation and Wyman-Gordon Company Form Strategic Alliance NORTH GRAFTON, Mass.--(BUSINESS WIRE)--May 21, 1998--Wyman-Gordon Company (NASDAQ:WYMN - news) announced today that it has reached an agreement in principle with Titanium Metals Corporation (NASDAQ:TIMT - news) relating to (i) TIMET's acquisition of certain assets of Wyman-Gordon's Millbury vacuum arc remelting facility in a substantially tax-free exchange, (ii) the combination of their respective titanium castings businesses into a jointly-owned venture, and (iii) a long-term agreement under which TIMET will supply a significant portion of Wyman-Gordon's requirements for titanium products. The titanium castings businesses, to be combined into a joint venture 80% owned by Wyman-Gordon and 20% by TIMET, consist primarily of Wyman-Gordon's titanium casting business located in Franklin, New Hampshire and TIMET's titanium casting business located in Albany, Oregon. The combined businesses will produce investment castings primarily for the aerospace market and will seek to develop new applications for titanium castings. In connection with the formation of the joint venture, TIMET will acquire the operating assets of Wyman-Gordon's Millbury, Massachusetts vacuum arc remelting facility which produces titanium ingots for further processing into finished forgings. In addition, Wyman-Gordon and TIMET will enter into a ten-year supply agreement pursuant to which TIMET will supply a significant portion of Wyman-Gordon's requirements for titanium raw materials for its forging and casting operations. In announcing the agreement David P. Gruber, Chairman and Chief Executive Officer of Wyman-Gordon said, ''This transaction will create a win/win situation for both of our companies. Wyman-Gordon's strength is in titanium castings and forgings and this transaction will allow us to focus on those areas. In addition, we will secure a long-term supply agreement with TIMET, the world's leading supplier of titanium products, which we believe will support our continued growth.'' Completion of the transaction is subject to the completion of due diligence, the execution of definitive agreements and the obtaining of any necessary approvals or consents. The parties expect that the transaction will close in late June. Wyman-Gordon Company is a leading manufacturer of high-quality, technologically-advanced forgings, investment castings and composite structures for use in the commercial and defense aerospace, commercial power and energy, and performance product markets. TIMET, headquartered in Denver, Colorado, is a leading worldwide integrated producer of titanium metals products