December 18, 2014 3:31 AM ET

Metals and Mining

Company Overview of Titanium Metals Corporation

Company Overview

Titanium Metals Corp. is a Dallas metallurgical company that mills, manufactures, and distributes titanium and titanium alloys. Industries it serves include aerospace, military, automotive, medical, and oil and gas drilling. It sells titanium sponge, the basic form of titanium metal, as well as melted products (ingot, electrodes, slab). The company also provides milled, forged, and rolled titanium products such as bars, plates, sheets, strips, and pipes, and extrudes. It fabricates spools, pipe fittings, manifolds, and other cut, formed, welded, and assembled titanium items, and conducts research and development and titanium scrap recycling. Titanium Metals was founded in 1950.

5430 Lyndon B. Johnson Freeway

Suite 1700

Dallas, TX 75240

United States

Founded in 1950

2,750 Employees

Phone:

972-233-1700

Fax:

972-934-5345

Key Executives for Titanium Metals Corporation

Chief Financial Officer
Age: 49
Senior Vice President
Age: 65
Compensation as of Fiscal Year 2014.

Titanium Metals Corporation Key Developments

Titanium Metals Corporation Agrees to Pay $13.75 Million Civil Penalty for Violations of the Toxic Substances Control Act at Single Facility

The U.S. Environmental Protection Agency and Department of Justice announced that Titanium Metals Corporation has agreed to pay a record $13.75 million civil penalty and perform an extensive investigation and cleanup of potential contamination stemming primarily from the unauthorized manufacture and disposal of PCB's (polychlorinated biphenyls) at its manufacturing facility in Henderson, Nev. The penalty is the larger ever imposed for violations of the Toxic Substances Control Act (TSCA) at a single facility. The company will pay an additional $250,000 for violations related to illegal disposal of hazardous process wastewater, in violation of the Resource Conservation and Recovery Act (RCRA). EPA expects that the settlement will result in the removal of approximately 84,000 pounds of PCB-contaminated waste from the environment each year, and will prevent the improper disposal of 56 million pounds of hazardous waste each year. This record penalty reflects EPA's commitment to protect communities by reducing pollution from the mineral sector, said Cynthia Giles, assistant administrator for EPA's Office of Enforcement and Compliance Assurance. The settlement ensures TIMET complies with the law and takes important steps to build transparency in the investigation and remediation of this facility. This settlement holds TIMET fully accountable for the period of its unauthorized manufacture and handling of harmful PCBs at the Henderson facility, said Robert G. Dreher, Acting Assistant Attorney General for the Environment and Natural Resources Division. It will also result in substantial environmental cleanup and protection for the benefit of residents of the area, now and in the future. In addition to paying the penalty and performing the investigation and cleanup, the settlement requires TIMET to electronically submit monitoring data biannually to EPA for three years showing that it is appropriately managing any PCBs it generates. TIMET has also agreed to allow the Nevada Division of Environmental Protection (NDEP) to make public TIMET's EPA-approved work plans and completed work reported through a dedicated website. The company has already spent approximately $6 million on investigation, site cleanup, and compliance measures to address the potential contamination. This work has included extensive sampling; draining and relining of a surface impoundment; analyzing the extent of PCB contamination in its solid waste landfill; removing PCB waste from that landfill; and decontaminating processing equipment. In addition, TIMET estimates that it will spend at least another million dollars to complete the work required by the settlement. TIMET processes titanium from rutile ore at its 108-acre manufacturing facility at the Black Mountain Industrial (BMI) Complex in Henderson. This process generates hazardous waste and PCBs. In the complaint, the government alleged that EPA inspections conducted in 2005, 2006, and 2008 revealed that TIMET had been unlawfully manufacturing PCBs as a by-product of its titanium manufacturing process, without an exclusion from TSCA's ban.

Titanium Metals Corporation Announces Management Changes

As previously disclosed, on November 9, 2012, Titanium Metals Corporation, Precision Castparts Corp. (parent) and ELIT Acquisition Sub Corp. (purchaser), entered into an agreement and plan of merger. Pursuant to the merger agreement, purchaser will be merged with and into the company with the company surviving the merger as a wholly owned subsidiary of parent. On December 20, 2012, upon purchaser's acceptance for payment of all shares that were validly tendered and not withdrawn in accordance with the terms of the offer (acceptance time), a change in control of the company occurred. On December 20, 2012, in connection with the change of control of the company, Harold C. Simmons, Glenn R. Simmons, Steven L. Watson and Terry N. Worrell resigned from the company Board, effective as of the acceptance time. Following the acceptance time, the size of the company Board was increased to eight directors and the following designees of parent were appointed to the Board to fill the vacancies created by the resignation of the above-listed directors: Steven G. Hackett, Shawn R. Hagel, Kirk G. Pulley, Steven C. Blackmore and Roger A. Cooke. Three independent directors, Keith R. Coogan, Gen. Thomas P. Stafford and Paul J. Zucconi have remained on the company Board pending completion of the merger. Also on December 20, 2012, the following executive officers of the company resigned effective as of the acceptance time: Bobby D. O'Brien, President and Chief Executive Officer; James W. Brown, Vice President and Chief Financial Officer; Robert D. Graham, Executive Vice President; Kelly D. Luttmer, Vice President and Global Tax Director; Andrew B. Nace, Vice President, General Counsel and Assistant Secretary; John A. St. Wrba, Vice President and Treasurer; Scott E. Sullivan, Vice President and Controller; and Christopher Armstrong, Executive Vice President, Strategic Planning and Business Initiatives. In connection therewith, the following executive officers were appointed: Steven G. Hackett, President; Shawn R. Hagel, Executive Vice President, Chief Financial Officer and Assistant Secretary; and Roger A. Cooke, Senior Vice President, General Counsel and Secretary.

Titanium Metals Corporation(NYSE:TIE) dropped from S&P 500 Equal Weighted Index

Titanium Metals Corporation(NYSE:TIE) dropped from S&P 500 Equal Weighted Index

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