Manufacturer cutting jobs

Friday, Jan. 28, 2000 | 11:18 a.m.

Hurt by a downturn in the aerospace sector, Titanium Metals Corp. today announced the departure of several top managers and said it will cut 250 jobs in a restructuring designed to save money.

Timet, based in Denver, has a big plant in Henderson near Las Vegas. Officials could not immediately be reached for comment on whether jobs are being cut in Henderson.

A leading producer of the specialty metal titanium, Timet said results were hurt by lower aerospace and industrial demands, adding that the outlook for 2000 is "weak."

Orders from Seattle-based Boeing Co. -- a major customer -- have fallen "far below" the companies' current contract requirements, Titanium said. Aside from orders for finishing work on product melted for Boeing in 1999, Titanium Metals said it has received virtually no Boeing-related orders for 2000.

Timet also reported a fourth-quarter loss of $17.5 million, or 56 cents a share, compared with a loss of $2.5 million, or 8 cents a share a year earlier.

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