RTI International Metals Inc. this week updated and reduced its expected first- quarter 2013 operating results saying it would have noncash costs of between $4 million and $6 million due to disposition of two businesses and a voluntary retirement program.
"The anticipated disposition of two small, non-titanium businesses is indicative of our focus on our downstream, engineered, titanium products and services," Dawne Hickton, vice chair, president and CEO of RTI, said in a prepared statement. "And our deployment of a voluntary early retirement program is consistent with our desire to drive costs out of the business. Together, we believe these initiatives position RTI for continued profitable growth."
The Pittsburgh-based company, which operates a plant in Weathersfield, this week also announced its intention to offer $350 million in convertible senior notes due in 2019. RTI intends to use proceeds from the note sale working capital, including capital expenditures, potential future acquisitions and potential repurchases of outstanding 3 percent convertible senior notes due in 2015.
The notes will pay interest at an annual rate of 1.625 percent. The offering is expected to close April 17.