RTI announces sale of subsidiary
RTI International Metals Inc. closed the $12.5 million cash sale of RTI’s wholly owned subsidiary, Pierce-Spafford Metals Co. Inc.
Pierce Spafford is a distributor of specialty metals, serving customers in the aerospace, defense and energy markets. It was sold to Titanium Industries Inc.
“This divestiture is expected to enhance the strategic focus of RTI’s resources on titanium mill products and downstream engineered products and services,” said Dawne S. Hickton, vice chair, president and CEO of RTI.
Pittsburgh-based RTI operates a plant in Weathersfield.