|NYSE: TIE[ further explanation needed ]
|Titanium alloy production
Stephen P. Fox
(Vice President Quality & Technology)
|Titanium sponge; titanium alloy ingot, sheet, strip, billet, plate, tube
|US$1.26 billion (2007)
|Berkshire Hathaway (since 2016)
Number of employees
|Precision Castparts Corp. (since 2012)
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.
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.In January 2016, Precision Castparts Corp. became a wholly owned subsidiary of Berkshire Hathaway.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float in a broad portfolio of subsidiaries, equity positions and other securities. The company has been overseen since 1965 by its chairman and CEO Warren Buffett and vice chairman Charlie Munger, who are known for their advocacy of value investing principles. Under their direction, the company's book value has grown at an average rate of 20%, compared to about 10% from the S&P 500 index with dividends included over the same period, while employing large amounts of capital and minimal debt.
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