Titanium Metals Corporation

Last updated
Titanium Metals Corporation
Type Subsidiary
NYSE: TIE[ further explanation needed ]
Industry Titanium alloy production
Founded1950;73 years ago (1950)
Key people
Steve Wright
Stephen P. Fox
(Vice President Quality & Technology)
Products Titanium sponge; titanium alloy ingot, sheet, strip, billet, plate, tube
RevenueIncrease2.svg US$1.26 billion (2007)
Owner Berkshire Hathaway (since 2016) [1]
Number of employees
2,530 (2007)
Parent Precision Castparts Corp. (since 2012) [2]
Website www.timet.com

Titanium Metals Corporation, or most commonly referred to as TIMET, a shortened version of "TItanium METals" that is a registered company trademark. TIMET, founded in 1950, is an American manufacturer of titanium-based metals products, focusing primarily on the aerospace industry headquartered in Warrensville Heights, Ohio. Its major U.S. operations are based in Morgantown, Pennsylvania; Henderson, Nevada; Vallejo, California; and Toronto, Ohio. Its overseas operations are primarily based in the United Kingdom (in Waunarlwydd and Witton) and in France (in the village of Ugine).

In September, 2007, TIMET entered into a ten-year supply agreement with United Technologies Corp (UTC). Under the agreement, TIMET would supply titanium to UTC for commercial and military aircraft and aircraft engines. [3]

In November 2012, the company was purchased for $2.9 billion by Precision Castparts Corp.(PCC) and now operates under the PCC Metals Group Division. [4] In January 2016, Precision Castparts Corp. became a wholly owned subsidiary of Berkshire Hathaway. [1]

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  1. 1 2 Rogoway, Mike (January 30, 2016) [first published online January 29]. "Precision Castparts' $37B sale finalized". The Oregonian. p. C8. Retrieved 2016-02-02.
  2. Read, Richard (November 9, 2012). "Precision Castparts to acquire Titanium Metals in $2.9 billion deal". The Oregonian . Retrieved November 9, 2012.
  3. "TIMET enters into long term supply agreement with UTC".
  4. Read, Richard (November 9, 2012). "Precision Castparts to acquire Titanium Metals in $2.9 billion deal". The Oregonian . Retrieved November 9, 2012.