RTI: 7th fastest-growing company

The local company has
increased annual revenue by an average of 43 percent.

By DON SHILLING

VINDICATOR BUSINESS EDITOR

WEATHERSFIELD — A boom market for titanium has propelled RTI International Metals to No. 7 on Fortune magazine’s list of fastest-growing companies.

“We are glad to have the recognition as one of the top fastest-growing companies,” said Dawne Hickton, RTI vice chairman and chief executive.

The Weathersfield-based parent company of RMI Titanium Co. was recognized for having an annual revenue growth of 43 percent over the last three years and total return for investors that averaged 68 percent.

One of RTI’s competitors, Titanium Metals of Dallas, was ranked No. 5 on the magazine’s list.

Hickton credited Tim Rupert, former CEO, for leading the management team and entire work force to take advantage of the increased demand for titanium.

In recent years, RTI has been expanding its fabricating division, which provides processing work for its customers.

RTI expects the titanium boom to continue for some time.

Major aircraft makers have a six-year backlog for new designs that call for three to four times as much titanium as older models.

Its biggest contract

Plus, RTI recently signed the largest deal in company history. The contract, which provides titanium for the military’s new joint strike fighter, will produce more than $2 billion in revenue through 2020.

RTI did warn analysts in a conference call last month, however, that its revenues in the second half of this year will be lower than had been expected. Executives said some customers found they had too much inventory, although the condition was expected to be temporary.

To keep up with demand, RTI is expanding its titanium mills in Weathersfield and Canton to increase annual production from 16 million pounds to 22 million pounds.

It also is planning $100 million in additional expansions but hasn’t announced the details.

RTI earned $21 million in the second quarter of this year on sales of $154 million.

RTI’s stock has swung greatly in the past year as investors gauge the effects of the titanium boom.

A year ago, the stock was trading at about $40 a share but it rose more than $100 a share in April. The stock was down $2.20 Wednesday to close at $68.20.

The stock was trading at about $13 three years ago.

RTI has about 1,400 workers, with about 500 located in Weathersfield at the mill and at corporate offices.  

shilling@vindy.com