SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
July 3, 1997
(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
(Address of principal executive offices) (Zip Code)
(303) 296-5600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Item 5: Other Events
On July 2, 1997, the Registrant issued the press release attached
hereto as Exhibit 99.1, which is incorporated herein by reference. The press
release relates to the Registrant's establishing Ti-Pro as a new subsidiary for
automotive aftermarket.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
99.1 Press release dated July 2, 1997 issued by Registrant.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/ Robert E. Musgraves
Robert E. Musgraves
Vice President, General Counsel
And Secretary
Date: July 3, 1997
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT:
Titanium Metals Corporation J. Landis Martin
1999 Broadway, Suite 4300 Chairman & CEO
Denver, Colorado 80202 (303) 296-5637
TIMET ESTABLISHES TI-PRO SUBSIDIARY FOR AUTOMOTIVE AFTERMARKET
DENVER, COLORADO . . . July 2, 1997 . . . Titanium Metals Corporation
("TIMET") (NASDAQ: TIMT) announced that it is establishing a new subsidiary to
focus its efforts on developing new uses for titanium in the
automotive/motorcycle aftermarket and racing market. The new company, to be
called Ti-Pro , will be partially owned and operated by two current key TIMET
employees, Paul Bania, Vice President of Quality & Technology, and Chris Sommer,
Manager of Automotive Market Development.
Ti-Pro will initially be owned 80% by TIMET and 20% by Bania and Sommer,
who, while devoting a majority of their time to this new venture, will continue
to commit a substantial amount of their time to responsibilities at TIMET.
Given the significance of this venture, Bania will also remain a Vice President
of TIMET. Bania and Sommer will have managerial operating responsibility for
the new company.
J. Landis Martin, Chairman and CEO of TIMET stated, "The establishment of
Ti-Pro is part of our strategy to accelerate the development of new uses of
titanium, especially in markets outside the aerospace industry. I believe that
Paul and Chris have focused attention on an untapped and potentially very
significant market for titanium products. I also believe that calling on Paul
and Chris to run this new business is most expedient and effective way to
develop this promising market. We are excited about this new company and the
opportunities it offers to TIMET."
TIMET also announced that Paul Allen, currently Director of Research and
head of TIMET's Henderson Technical Laboratory, will assume the additional
responsibilities of coordinating TIMET's global Quality Assurance programs and
will be reporting directly to TIMET's President and Chief Operating Officer,
Andrew Dixey.
TIMET, headquartered in Denver, Colorado, is a leading worldwide
integrated producer of titanium metal products.
