RTI Shareholders Approve Merger with Alcoa
PITTSBURGH – Shareholders of RTI International Metals Inc. voted overwhelmingly Tuesday to approve the company’s merger agreement with Alcoa Inc. At the annual meeting held here, 94% of the shares were voted, the company said, with 85% of the outstanding shares voted in favor of the merger.
RTI and Alcoa expect the merger to close on July 23.
The merger agreement, announced March 8, provides that Alcoa will acquire all outstanding shares of RTI in a $1.5 billion stock-for-stock transaction whereby RTI shareholders will receive 2.8315 Alcoa shares for each RTI share.
RTI is a vertically integrated global supplier of advanced titanium and specialty metals products and services; the company operates titanium melting, forging and hot-rolling mills in Niles and Canton, Ohio.
The approval of the merger agreement by RTI shareholders was one of the final conditions set forth in the merger agreement.
“Innovation and scale are critical to winning in both the titanium and aerospace industries. Today’s vote shows our shareholders understand that RTI and Alcoa are a natural strategic fit and that, together, we will be better positioned to compete in the global marketplace and to maximize shareholder value,” said Dawne Hickton, vice chair, president and CEO. “We look forward to taking our innovative technologies to the next level as part of Alcoa’s ongoing transformation as a lightweight, multi-material innovator.”
Pictured: RTI’s plant in Niles, Ohio.
Copyright 2022 The Business Journal, Youngstown, Ohio.