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November 15, 2009

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Breach-of-contract suit filed against Boeing

Wednesday, March 22, 2000 | 11:10 a.m.

Denver-based Titanium Metals Corp., which operates a manufacturing plant in Henderson, is suing aircraft builder Boeing Co. for breach of contract.

Timet said it is seeking more than $600 million in damages.

J. Landis Martin, chairman and chief executive officer of Timet, said his company signed a 10-year agreement to sell titanium to Boeing for the manufacturing of jets.

"However, after repeated assurances over two years of Boeing's good faith, Boeing has demanded that the agreement be renegotiated to better suit Boeing's needs," Martin said. "We did not feel that we were left with any reasonable alternative to legal action."

Timet has blamed Boeing for a slump in production, plant layoffs and the company's poor financial performance in the last two quarters.

The Seattle-based aircraft manufacturer has said that it has a backlog of titanium products in storage and asked to renegotiate the deal.

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