PITTSBURGH--(BUSINESS WIRE)--RTI International Metals, Inc. (NYSE:RTI) announced today it has acquired Directed Manufacturing, Inc., a leader in Additive Manufacturing of metals and plastics for both commercial production and engineering development applications, for $23 million in cash. The transaction is expected to enhance RTI’s ability to deliver advanced, cost-effective titanium and other advanced material solutions to customers in aerospace, medical device and other markets.
Based in Austin, TX, Directed Manufacturing, which will do business as RTI Directed Manufacturing, Inc., becomes the flagship organization in RTI’s Advanced Additive product line. It produces complex products using titanium, nickel-chromium alloys and other specialty metals and composite plastics. The specific Additive Manufacturing or “3D Printing” technologies used by the company include Direct Metal Laser Sintering and Plastic Laser Sintering systems.
Directed Manufacturing currently manufactures products that include aerospace airfoils, rakes, guide vanes and injection nozzles, complex fasteners, surgical tools, medical implants, injection mold inserts and many others. It is one of the few companies in the fast-growing Additive Manufacturing field with commercial production experience in both metals and plastics. The company’s customers include a number of major aerospace industry prime contractors and suppliers.
“We are very excited to welcome Directed Manufacturing to RTI. We believe its technology, track record of profitable commercial production, proven quality, performance and base of established customers immediately puts RTI at the forefront of Additive Manufacturing and 3D Printing – the technology that is rapidly expanding it’s influence on global manufacturing,” Dawne S. Hickton, Vice Chair, President and CEO of RTI, said.
“The growth potential for Additive Manufacturing solutions in RTI’s and Directed Manufacturing’s markets is truly exceptional. We look forward to maximizing the commercial opportunities that the new capabilities of our latest acquisition will generate, particularly on the most advanced new commercial aircraft and engine platforms, as well as medical device applications,” Ms. Hickton added. “We are also anxious to pursue opportunities with businesses in other market segments that are seeking the cost effectiveness of near-net-shape production that Directed Manufacturing’s 3D Printing capability delivers.”
“We are delighted to combine our company with RTI. Its existing capabilities, financial strength, strong market presence and global footprint make it the perfect partner for Directed Manufacturing to continue and accelerate our progress as we move forward together,” Alex Fima, Founder of Directed Manufacturing, said.
The acquisition builds on more than two years of RTI research, development and other participation in the field of Additive Manufacturing as part of its strategic plan. These activities include collaboration with a major commercial aerospace OEM on prototype powder metal parts for advanced design aircraft. RTI is also a founding sponsor of the National Additive Manufacturing Innovation Institute (NAMII) -- recently rebranded “America Makes” -- a joint effort of the federal government and industry based in Youngstown, OH.
Directed Manufacturing was advised by FBR & Co., a leading middle market investment banking firm.
Company Description
RTI International Metals, Inc., is a leading vertically integrated global supplier of advanced titanium and specialty metal products and services to commercial aerospace, defense, energy, medical device and other customers. For more than 60 years, RTI has been taking titanium further through advanced manufacturing, engineering, machining, and forming processes. RTI delivers titanium mill products, extruded shapes, formed and highly engineered precision-machined parts and components through our downstream integrated supply chain.
Headquartered in Pittsburgh, PA, RTI has locations in the United States, Canada, Europe, and Asia. To learn more about RTI International Metals, Inc., visit our website at www.rtiintl.com.
RTI Forward-Looking Statement
All statements in this release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. These risks and uncertainties include, but are not limited to, global economic and political uncertainties, the concentration of our revenue within the commercial aerospace and defense industries, actual build-rates, production schedules and titanium content per aircraft for commercial and military aerospace programs, the successful completion and integration of completed and pending acquisitions, military spending generally and in particular, demand from the Joint Strike Fighter program, the competitive nature of the markets for specialty metals, the ability of RTI to obtain adequate raw materials, the successful completion of RTI’s capital expansion projects, and other risks and uncertainties described and included in RTI’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K/A for the year ended December 31, 2012, and the exhibits attached thereto. Actual results can differ materially from those forecasted or expected. The information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as may be amended from time to time. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. RTI undertakes no obligation to update or revise any forward-looking statements.
