RTI International Metals Inc. will buy a Minnesota company in a deal valued at $182.5 million, the Moon-based titanium manufacturer said Tuesday. RTI’s stock price jumped the most in more than two years.
RTI said it has an agreement to acquire Remmele Engineering Inc., based in New Brighton, Minn., for $164.5 million in cash. It will assume $18 million of Remmele debt. The deal is expected to close before the end of March and RTI said it will immediately add to earnings.
Remmele performs precision machining and engineering work for the aerospace, defense and medical device industries. RTI will benefit from the deal by gaining access to the “fast-growing” medical device industry, the company said.