RTI Announces Engine Launch Customer for EB Furnace and Signs Long Term Agreement with Pratt & Whitney to Supply Rotor-Quality Titanium for Advanced Turbofan Engines
PITTSBURGH--(BUSINESS WIRE)-- RTI International Metals, Inc. (NYSE: RTI ) , has entered into a 13-year contract with Pratt & Whitney, a Division of United Technologies Corporation (NYSE: UTX ) to supply rotor-quality titanium mill products for Pratt & Whitney’s PurePower® family of Geared Turbofan™ jet engines. As part of the agreement, Pratt & Whitney has agreed to be the engine launch customer for the new Electron Beam Furnace that recently started production at RTI’s Canton, Ohio facility.
“This agreement is particularly significant to RTI for several reasons,” said Dawne S. Hickton, Vice Chair, President and CEO of RTI. “First and foremost, the award to supply Pratt & Whitney with rotor-quality titanium marks the reemergence of RTI as a competitive supplier in the rotor-quality, jet engine market for titanium – a market currently estimated to be approximately 30 million pounds annually. In addition, the agreement validates our decision to invest in EB furnace technology and strategically positions RTI for further successes in this important growing aerospace market,” concluded Ms. Hickton.
RTI Forward-Looking Statement
All statements in this release relating to matters that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. These risks and uncertainties include, but are not limited to, the impact of global events on the commercial aerospace industry, actual build-rates, production schedules and content per aircraft for commercial and military aerospace programs, the competitive nature of the markets for specialty metals, the ability of RTI to obtain adequate raw materials, global economic conditions, the successful completion of RTI’s capital expansion projects, and other risks and uncertainties described and included in RTI’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012, and the exhibits attached to those filings. Actual results can differ materially from those forecasted or expected. The information contained in this release is qualified by and should be read in conjunction with the statements and notes filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, as may be amended from time to time. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. RTI undertakes no obligation to update or revise any forward-looking statements.
RTI International Company Description
RTI International Metals, Inc., headquartered in Pittsburgh, specializes in advanced titanium, meeting the requirements of the world's most technologically sophisticated applications in commercial aerospace, defense, propulsion, energy, industrial, chemical, and medical markets. For over 60 years, RTI has been taking titanium further through advanced manufacturing, engineering, machining, and forming processes. RTI delivers titanium mill products, extruded shapes, form-ready parts, and highly engineered components through our downstream integrated supply chain. RTI has locations in the United States, Canada, Europe, and Asia. To learn more about RTI International Metals, Inc., visit our website at www.rtiintl.com.
RTI International Metals, Inc.
Dan Crookshank, 412-893-0084
Director – Investor Relations
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