RTI International Buys Remmele for $164.5M

Pittsburgh-based Titanium products maker RTI International Metals will pay $164.5 million for Remmele Engineering, Reuters reported Tuesday. Remmele, which was bought by private equity firm Goldner Hawn Johnson & Morrison in 2007, caters to the aerospace, defense and medical device sectors.

(Reuters) – Titanium products maker RTI International Metals said it will buy Remmele Engineering for $164.5 million to enter new contract manufacturing markets, such as the fast-growing medical device space.

Pittsburgh-based RTI said it will also assume $18.0 million in Remmele’s debt. The company expects the deal to immediately add to its earnings.

The acquisition, which is being financed from RTI’s existing cash reserves, is expected to close before the end of the first quarter, RTI said in a statement.

Remmele, which was bought by private equity firm Goldner Hawn Johnson & Morrison in 2007, caters to the aerospace, defense and medical device sectors.

RTI shares closed at $23.41 on Monday on the New York Stock Exchange.