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Timet settles with Boeing

Friday, April 20, 2001 | 11:33 a.m.

Titanium Metals Corp. of Denver, which has a big plant in Henderson, today said it settled litigation with Boeing over Boeing's failure to fulfill the terms of a metal purchase and supply agreement.

Timet said it will will receive a cash payment and that Boeing signed an amended contract giving it the right to purchase up to 7.5 million pounds of titanium products annually from Timet through 2007.

"This new agreement allows Timet to continue as a major supplier of titanium products to Boeing for commercial airplanes, a role Timet is very proud to hold," said Timet Chief Executive J. Landis Martin.

Timet expects to report pre-tax income of $60 million to $65 million in the second quarter in connection with the settlement.

Timet today reported a loss before special items in the first quarter of $3.8 million, or 12 cents per share, compared to a loss before special items in the first quarter of 2000 of $8.3 million or 26 cents.

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