SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 13, 2003
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(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
Item 5: Other Events
On October 10, 2003 the Registrant issued the press release attached hereto
as Exhibit 99.1 which is incorporated herein by reference. The press release
relates to an announcement by Registrant that it has entered into a new
agreement with Wyman-Gordon Company.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press Release dated October 10, 2003 issued by Registrant
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/ Matthew O'Leary
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Matthew O'Leary
Corporate Attorney and Assistant Secretary
Date: October 13, 2003
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Titanium Metals Corporation Bruce P. Inglis
1999 Broadway, Suite 4300 Vice President - Finance and
Denver, Colorado 80202 Corporate Controller
(303) 291-2996
TIMET AND WYMAN-GORDON ENTER INTO AGREEMENTS
DENVER, COLORADO. . .October 10, 2003. . . . Titanium Metals Corporation
("TIMET") (NYSE: TIE) and Wyman-Gordon Company ("Wyman") have agreed to
terminate the 1998 purchase and sale agreement associated with the formation of
the titanium castings joint venture previously owned by the two parties. TIMET
has agreed to pay Wyman a total of $6.8 million in three quarterly installments
in connection with this termination, including the termination of certain
preferential purchase terms connected with the prior joint venture transaction.
TIMET will record a one-time charge for this payment in its third quarter ended
September 30, 2003.
TIMET and Wyman have replaced the previous 1998 agreement with a new
long-term purchase and sale agreement covering the sale of TIMET products to
various Wyman locations through 2008. Wyman is a 100%-owned subsidiary of
Precision Castparts Corp. ("PCC") (NYSE: PCP). Sales to PCC represented
approximately 9% of TIMET's sales revenue in 2002, and TIMET expects the new
agreement to improve its plant operating rates.
Wyman, headquartered in North Grafton, Massachusetts, is the global leader
in the design, manufacture, assembly, and integration of complex metal
components and products. PCC, headquartered in Portland, Oregon, is a worldwide,
diversified manufacturer of complex metal components and products. Information
on Wyman and PCC is available on the internet at www.wymangordon.com and
www.precast.com, respectively.
TIMET, headquartered in Denver, Colorado, is a leading worldwide producer
of titanium metal products. Information on TIMET is available on the internet at
www.timet.com.
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