Firm posts loss, looks at cuts

Monday, Feb. 10, 2003 | 11:13 a.m.

A leading producer of titanium for aircraft and jet engines, which operates a plant in Henderson, reported a loss for the fourth quarter and is weighing cost-cutting measures.

Titanium Metals Corp., Denver, reported a loss of $9.6 million or 31 cents a share, on sales of $85 million for the quarter ended Dec. 31 vs. a loss of $72 million, $2.28 a share, on sales of $116.5 million for the same period a year earlier.

J. Landis Martin, Timet chairman and chief executive, said in a statement that worldwide demand for titanium in the aerospace market remains soft. Loren Taylor, a spokesman for Timet in Henderson, said there have been no announcements about how the company's cutback strategy would affect the Henderson operation, which has 410 employees, including its small research-and-development staff.

"We're looking at everything," Taylor said, "and there are decisions that are still to be made."

archive