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
March 26, 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 March 26, 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 announced welded tubing joint venture with
Valinox Welded.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
99.1 Press release dated March 26, 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/ John R. Burt
John R. Burt
Corporate Attorney
and Assistant Secretary
Date: March 27, 1997
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT:
Titanium Metals Corporation Joseph S. Compofelice
1999 Broadway, Suite 4300 Chief Financial Officer
Denver, Colorado 80202 281-423-3303
TIMET AND VALINOX WELDED ANNOUNCE WELDED TUBING JOINT VENTURE
DENVER, COLORADO . . . March 26, 1997 . . . Titanium Metals Corporation
("TIMET") (NASDAQ: TIMT) announced today that it has executed definitive
agreements with Valinox Welded, a world-class specialist in the market for
welded tubing products, to form a joint venture, "Valtimet", that will own and
operate the welded tubing businesses of both parties. Valtimet will be 54%-
owned by Valinox Welded and 46%-owned by TIMET. Pro forma combined sales of the
joint venture for 1996 were approximately $110 million.
TIMET currently manufactures welded titanium tubing in Morristown,
Tennessee and Toronto, Ohio. Valinox Welded manufactures welded tubing,
principally stainless steel and titanium, in Les Laumes, France and in China
through its majority-controlled subsidiary, Changzhou Valinox Great Wall Welded
Tube Limited. As part of the transaction, the joint venture will acquire the
facilities in Tennessee and France, Valinox Welded s interest in the Chinese
manufacturer, and the equipment currently utilized in TIMET s Ohio tubing
operations.
Valtimet takes advantage of the respective strengths of both parties to
enhance the manufacturing capabilities at each location, thereby improving
customer service and fostering the greater use of welded tubing manufactured
from titanium and other materials. Valtimet will be strategically positioned to
emphasize a market-oriented approach offering multi-material tubing solutions
(including bent and finned tubing) to its worldwide customers from three
geographically diverse manufacturing locations.
From TIMET s perspective, the transaction furthers two key strategic
objectives. First, it allows TIMET, which will be the key long-term supplier of
titanium strip product to the joint venture, to focus on its preferred role as
the producer of high-quality intermediate strip-related products. In addition,
it permits TIMET an opportunity to partner closely with a recognized leader in
the manufacture of welded tubing with a view to capitalizing upon Valinox
Welded s considerable expertise and strong reputation in the field to
significantly expand the uses for titanium.
The transaction, which remains subject to certain regulatory and lender
approvals, is expected to close during the second quarter of 1997.
TIMET, headquartered in Denver, Colorado, is a leading worldwide
integrated producer of titanium metal products.
