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
February 13, 1998
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(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
<PAGE incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
Item 5: Other Events
On February 13, 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 Registrant's
acquisition of Loterios.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
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Item Exhibit List
No.
99.1 Press release dated February 13, 1998 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: February 13, 1998
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Exhibit 99.1
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 ANNOUNCES ACQUISITION OF LOTERIOS
DENVER, COLORADO . . . February 13, 1998 . . . Titanium Metals Corporation
("TIMET") (NASDAQ: TIMT) announced today that it has signed a letter of intent
to acquire for cash the titanium business of Loterios, S.p.A. The transaction
is expected to close in the second quarter of 1998.
Loterios, founded in 1982 and headquartered in Legnano, Italy, is one of
Italy's largest producers and distributors of titanium products, with 1997 sales
of approximately $24 million. Loterios has emerged in recent years as one of
the premier producers and suppliers of titanium pipe and fittings to the
offshore oil and gas drilling and production markets and is the leading supplier
of these products to the North Sea offshore market. Following its acquisition
by TIMET, Loterios will continue to be operated under the day-to-day direction
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of Luigi Lotterio, who will become Executive Vice President (Operations), and
Amleto Cappelletti, as Executive Vice President (Sales).
Commenting on the transaction, TIMET Chairman & CEO, J. Landis Martin,
noted: "TIMET's acquisition of Loterios' successful and well regarded titanium
production and distribution business, is an exciting move that fits well with
our long-term strategy to expand the use of titanium in non-aerospace markets.
We expect the acquisition to be accretive to 1998 earnings."
Pictro Lotterio, Loterios' President, commented that "The sale of Loterios
to TIMET is a wonderful accomplishment for the management and employees of our
Company and myself, as thirty years ago I began my career as the agent for TIMET
in Italy. I am confident this acquisition will open additional growth
possibilities."
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, demand for titanium, future global economic conditions, global
productive capacity, competitive products, and other risks and uncertainties
included in the Company's filings with the Securities and Exchange Commission.
TIMET, headquartered in Denver, Colorado, is a leading worldwide integrated
producer of titanium metal products.
. . . . .
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