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twitterTimet warns of loss, mulls layoffs
Friday, Oct. 1, 1999 | 10:55 a.m.
Titanium Metals Corp. of Denver announced that third-quarter earnings would be below expectations, and warned that it is considering further layoffs.
Timet operates a big plant in Henderson near Las Vegas.
"Timet is focusing additional attention and resources on those areas where its operating performance requires immediate improvement," the company said. "Timet also plans to consider further personnel reductions and rationalization of plant capacity in light of its revised market outlook."
The company said it expects a third-quarter loss of 25 cents per share, caused by lower shipment volumes and production problems at its North American operations. Timet also said it is being hurt by a protracted downturn in the commercial aerospace market.
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