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
October 8, 1998
(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
<PAGE> 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 October 8, 1998 the Registrant issued the press release attached hereto
as Exhibit 99.1, which is incorporated herein by reference. The press release
relates to an announcement by Registrant regarding a strategic alliance between
Registrant and Toho Titanium.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item Exhibit List
No.
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99.1 Press release dated October 8, 1998 issued by
Registrant.
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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: October 8, 1998
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Exhibit 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT:
Titanium Metals Corporation J. Landis Martin
1999 Broadway, Suite 4300 Chief Executive Officer
Denver, Colorado 80202 (303) 291-5600
TIMET AND TOHO TITANIUM ANNOUNCE STRATEGIC ALLIANCE
DENVER, COLORADO . . . October 8, 1998 . . . At the annual meeting of the
International Titanium Association being held this week, Titanium Metals
Corporation ("TIMET") (NYSE: TIE) and Toho Titanium Company, Ltd. announced that
they had signed agreements in principle to form a broad-based strategic
alliance. The alliance is aimed at expanding the titanium market generally and,
in particular, promoting the development of lower cost production technologies
that are intended to encourage the development of new applications for titanium
and greater market penetration into uses that have traditionally gone to other,
lower cost materials.
The alliance will include the formation of a hearth melting joint venture
in Japan, a long-term agreement under which Toho would become a principal
outside supplier to TIMET of high purity, super purity and premium grade
titanium sponge, the provision of mutual support in technology and business
development activities, and an agreement regarding mutual board representation.
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Implementation of the alliance is subject to, among other things, the
negotiation and completion of final documentation and the receipt of any
necessary regulatory or other third-party approvals.
In connection with the formation of this alliance, TIMET also entered into
definitive agreements to purchase from Nippon Mining & Metals Co., Ltd. and
Mitsui & Co., Ltd., two major shareholders of Toho, an aggregate of 1.5 million
shares of Toho common stock, representing approximately 5% of the shares
outstanding. TIMET currently plans to purchase up to a total of 10% through
additional open market purchases. These agreements are subject to, among other
things, completion of the documentation relating to the strategic alliance and
receipt of any necessary regulatory or other third-party approvals.
Toho Titanium, headquartered in Chigasaki, Japan, is a major Japanese
supplier of titanium sponge and ingot.
TIMET, headquartered in Denver, Colorado, is a leading worldwide integrated
producer of titanium metal products. Information about TIMET is available on
the worldwide web at http://www.timet.com.
The statements in this release relating to matters that are not historical
facts are forward looking statements that involve risks and uncertainties,
including but not limited to, the cyclicality of the commercial aerospace
industry, future global economic conditions, global productive capacity,
competitive products, and other risks and uncertainties included in TIMET's
filings with the Securities and Exchange Commission.
o o o o o
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