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
August 3, 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
incorporation) Number)
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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 August 3, 1998, the Registrant issued the press release attached
hereto as Exhibit 99.1, which IS incorporated herein by reference. Exhibit 99.1
relates to the Registrant's completion of a series of transactions with Wyman-
Gordon Company.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press release dated August 3, 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/ Andrew R. Dixey
Andrew R. Dixey
President and Chief Operating Officer
Date: August 4, 1998
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EXHIBIT 99.1
PRESS RELEASE
For Immediate Release For Further Information Contact:
Titanium Metals Corporation J. Landis Martin
1999 Broadway Suite 4300 Chairman and CEO
Denver, Colorado 80202 303-296-5600
TIMET CONCLUDES STRATEGIC ALLIANCE
WITH WYMAN-GORDON
DENVER, COLORADO_August 3, 1998_Titanium Metals Corporation ("TIMET")
(NYSE: TIE) announced today that it has completed a previously-reported series
of strategic transactions with Wyman-Gordon Company (Nasdaq: WYMN) involving
three key components:
. TIMET has exchanged certain of its Albany, Oregon titanium castings
assets for the operating assets of Wyman-Gordon's Millbury,
Massachusetts vacuum arc remelting (VAR) facility. The Millbury
facility produces titanium ingot, and TIMET's acquisition of this VAR
operation will enable it to expand its ingot production to better serve
all its customers, including Wyman-Gordon. This additional production
capacity will also assist TIMET as it develops new uses for titanium.
. The companies have combined the Albany, Oregon aerospace titanium
castings facility previously owned by TIMET with the Franklin, New
Hampshire castings facility previously owned by Wyman-Gordon in a new
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joint venture. The joint venture is owned 20% by TIMET and 80% by
Wyman-Gordon, and the Millbury facility is owned 100% by TIMET. The new
joint venture will produce investment castings primarily for the
aerospace market and will work to develop new applications for titanium
castings.
. TIMET has become the principal supplier of titanium material to Wyman-
Gordon through 2008, supplying a substantial portion of Wyman-Gordon's
total titanium requirements. TIMET's securing of this long-term supply
contract with Wyman-Gordon will increase stability and predictability of
demand that will help TIMET to reduce the cost of producing titanium, in
an effort to maximize value to shareholders.
J. Landis Martin, Chairman and Chief Executive Officer of TIMET, commented,
"The strategic alliance between TIMET and Wyman-Gordon will enhance our
opportunities in the castings business by combining the complementary strengths
of two excellent companies--TIMET's expertise is in the production and supply of
high quality titanium, and Wyman-Gordon's status as a premier investment casting
company. Under Wyman-Gordon's management, we are optimistic that the combined
titanium castings business will be able to achieve greater efficiencies through
improved facility utilization, enhanced production and combined marketing and
sales. In addition, Wyman-Gordon will bring its expertise in developing new
applications for titanium castings, thus offering the potential to expand the
overall use of titanium."
TIMET, headquartered in Denver, Colorado, is a leading worldwide integrated
producer of titanium metal products.
Wyman-Gordon, headquartered in Massachusetts, 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.
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