RTI International Metals Inc., Pittsburgh, announces that its shareholders have approved a merger agreement with Alcoa Inc., also of Pittsburgh. At RTI’s annual meeting of shareholders yesterday, more than 94% of the shares voted at the meeting were in favor of the transaction, representing nearly 85% of all outstanding shares of RTI. The merger is expected to close on July 23, 2015, subject to the satisfaction of the remaining closing conditions set forth in the merger agreement.
“Alcoa is accelerating its value-add growth engine by acquiring titanium leader RTI,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. “We are combining two innovators in materials science and process technology, shifting Alcoa’s transformation into a higher gear. RTI expands our aerospace portfolio market reach and positions us to capture future growth to deliver compelling value for customers, shareholders and employees.”
“Innovation and scale are critical to winning in both the titanium and aerospace industries today, which is why this transaction is such a natural strategic fit for both RTI and Alcoa,” said Dawne Hickton, Vice Chair, President and Chief Executive Officer of RTI International Metals. “We are pleased to have an agreement with Alcoa that delivers immediate value to our shareholders that appropriately reflects the strength of our business. Through this combination of forces, RTI will take its innovative technologies to the next level and deliver even more value-add titanium solutions to meet customer needs. We look forward to continuing to accelerate RTI’s success as a part of the Alcoa team.”
The previously announced merger agreement provides that Alcoa will acquire all outstanding shares of RTI in a stock-for-stock transaction whereby RTI shareholders will receive 2.8315 Alcoa shares for each RTI share.
