Titanium Metals Corporation

Last updated
Titanium Metals Corporation
Company type Subsidiary
NYSE: TIE[ further explanation needed ]
Industry Titanium alloy production
Founded1950;74 years ago (1950)
Headquarters,
Key people
Steve Wright
(President)
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 March 2014, TIMET began operation of a Groundwater Extraction and Treatment System (GWETS) to capture and treat contaminated groundwater under the Henderson NV site. [5]

In January 2016, Precision Castparts Corp. became a wholly owned subsidiary of Berkshire Hathaway. [1]

Related Research Articles

<span class="mw-page-title-main">Berkshire Hathaway</span> American multinational conglomerate holding company

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Founded in 1839 as a textile manufacturer, it underwent a drastic restructuring into a conglomerate starting in 1965 under the leadership of chairman and CEO Warren Buffett and vice chairman Charlie Munger.

<span class="mw-page-title-main">Bank One Corporation</span> Former bank of the United States

Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2004, with its CEO Jamie Dimon taking the lead at the combined company. The company had its headquarters in the Bank One Plaza in the Chicago Loop in Chicago, Illinois, now the headquarters of Chase's retail banking division.

<span class="mw-page-title-main">Goodrich Corporation</span> Defunct American manufacturer

The Goodrich Corporation, formerly the B.F. Goodrich Company, was an American manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich, the company name was changed to the "B.F. Goodrich Company" in 1880, to BFGoodrich in the 1980s, and to "Goodrich Corporation" in 2001. Originally a rubber manufacturing company known for automobile tires, the company diversified its manufacturing businesses throughout the twentieth century and sold off its tire business in 1986 to focus on its other businesses, such as aerospace and chemical manufacturing. The BFGoodrich brand name continues to be used by Michelin, who acquired the tire manufacturing business in 1988. Following the acquisition by United Technologies in 2012, Goodrich became a part of UTC Aerospace Systems.

United Technologies Corporation (UTC) was an American multinational conglomerate headquartered in Farmington, Connecticut. It researched, developed, and manufactured products in numerous areas, including aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from the U.S. government. In April 2020, UTC merged with the Raytheon Company to form Raytheon Technologies, later renamed RTX Corporation.

<span class="mw-page-title-main">Allegheny Technologies</span> American materials company

ATI Inc. is an American producer of specialty materials headquartered in Dallas, Texas. ATI produces metals including titanium and titanium alloys, nickel-based alloys and superalloys, stainless and specialty steels, zirconium, hafnium, and niobium, tungsten materials, forgings and castings.

Huntsman Corporation is an American multinational manufacturer and marketer of chemical products for consumers and industrial customers. Huntsman manufactures assorted polyurethanes, performance products, and adhesives for customers like BMW, GE, Chevron, Procter & Gamble, Unilever and Walkaroo. With global headquarters in The Woodlands, Texas, it operates more than 60 manufacturing, R&D and operations facilities in over 25 countries and employ approximately 7,000 associates across three business divisions. Huntsman Corporation had 2023 revenues of approximately $6 billion.

<span class="mw-page-title-main">National City Corp.</span> American bank and part of National City Corp

National City Corporation was a regional bank holding company based in Cleveland, Ohio, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.

<span class="mw-page-title-main">Danaher Corporation</span> American conglomerate

Danaher Corporation is an American globally diversified conglomerate founded by brothers Steven and Mitchell Rales in 1984. Headquartered in Washington, D.C., the company designs, manufactures, and markets medical, industrial, and commercial products and services. It has primarily grown by acquisitions, and historically has tried to maintain a very low public profile. Danaher was one of the first companies in North America to adopt the Kaizen principles to manufacturing, which is a lean manufacturing Japanese philosophy of continuous improvement and elimination of waste.

<span class="mw-page-title-main">Olin Corporation</span> American chemical manufacturing company

Olin Corporation is an American manufacturer of ammunition, chlorine, and sodium hydroxide. The company traces its roots to two companies, both founded in 1892: Franklin W. Olin's Equitable Powder Company and the Mathieson Alkali Works. Accidents at Olin chemical plants have exposed employees and nearby residents to health hazards.

Special Metals Corporation (SMC) is an American supplier of special refractory alloys and is headquartered in New Hartford, New York, United States. The company has operations in Perth,Western Australia; Albury, New South Wales;Huntington, West Virginia; Dunkirk, New York; Burnaugh, Kentucky; Elkhart, Indiana and Hereford, England.

Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. In 2009 it ranked 362nd on the Fortune 500 list, and 11th in the aerospace and defense industry. In 2015 it ranked 322nd overall and 9th in the aerospace and defense industry. In 2014 it ranked 133rd on the S&P 500 based on market capitalization. In January 2016, the company became a wholly owned subsidiary of Berkshire Hathaway. Before that event, it used to be one of the three Fortune 500 companies headquartered in Oregon.

Héroux-Devtek Inc. is an international company specializing in the design, development, manufacture, repair and overhaul of landing gear, actuation systems and components for the aerospace market. Founded in 1942, the company's head office is located in Longueuil, Quebec. Héroux-Devtek Inc. has more than 1960 employees working in 18 facilities in North America and Europe. The corporation is the third-largest landing gear company worldwide, supplying both the commercial and defence sectors of the Aerospace market with new landing gear systems and components, as well as aftermarket products and services. It also manufactures actuation systems as well as ball screws. Héroux-Devtek's accomplishments include the manufacturing of the landing gear for the lunar module that landed Neil Armstrong on the moon for the Apollo 11 mission in 1969.

<span class="mw-page-title-main">Aleris</span> American companies

Aleris Corporation was an American aluminum rolled products producer, based in Beachwood, Ohio. The company had approximately 5,000 employees globally as of mid 2015.

<span class="mw-page-title-main">ESCO Group</span> United States manufacturing corporation

ESCO Group LLC is a manufacturer of engineered metal wear parts and components for industrial applications—including mining and construction. Since 1913, the company, which is a division of Weir Group PLC, has been headquartered in Portland, Oregon, USA.

Carlton Forge Works is an aerospace manufacturing company that produces seamless rolled rings. Carlton was found in 1929 and was privately held. According to Manta and Business Week, the company has about 250-300 employees. The company was previously owned by Allan Carlton.

Wah Chang Corporation was an American manufacturing company in the metal or alloy industry based in Albany, Oregon in the United States. Since 2014, it is a business unit of Allegheny Technologies and makes corrosion-resistant metals, such as hafnium, niobium, titanium, vanadium, and zirconium.

Wheaton Precious Metals Corp. is a Canadian multinational precious metals streaming company. It produces over 26 million ounces and sells over 29 million ounces of silver mined by other companies as a by-product of their main operations.

Dawne Eileen Sepanski Hickton is an American business executive. She is the chief operating officer and president of the aerospace, technology and nuclear businesses of the Jacobs Engineering Group. Before that, she was CEO of Pittsburgh-based RTI International Metals.

<span class="mw-page-title-main">Wyman-Gordon</span> American metal component manufacturer

Wyman-Gordon is a company that designs and manufactures complex metal components. Founded in 1883 as a manufacturer of crankshafts for looms, it has a long history of making forged metal components, particularly for the aerospace industry. Wyman-Gordon is a wholly owned subsidiary of Precision Castparts Corp., and is based in Houston, Texas. It has thirteen (13) plants in five countries, and employed about 2,500 people as of 2012.

<span class="mw-page-title-main">RTX Corporation</span> American multinational aerospace and defense conglomerate

RTX Corporation, formerly Raytheon Technologies Corporation, is an American multinational aerospace and defense conglomerate headquartered in Arlington, Virginia. It is one of the largest aerospace and defense manufacturers in the world by revenue and market capitalization, as well as one of the largest providers of intelligence services. In 2023, the company's seat in Forbes Global 2000 was 79. RTX manufactures aircraft engines, avionics, aerostructures, cybersecurity solutions, guided missiles, air defense systems, satellites, and drones. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. government.

References

  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.
  5. "Titanium Metals Corporation (TIMET) | NDEP | NDEP".