RTI shareholders approve acquisition

Staff report

PITTSBURGH

Shareholders of RTI International Metals Inc. on Tuesday approved the acquisition by Alcoa Inc., a leading metals company.

RTI, a global supplier of advanced titanium and specialty-metals products and services, was based in Weathersfield Township for more than 50 years before its headquarters moved to Pittsburgh in 2008.

RTI has a local plant in Niles where 500 are employed, and three plants in Canton.

More than 94 percent of the shares voted at RTI’s annual meeting of shareholders were in favor of the transaction, representing nearly 85 percent of all outstanding shares of RTI.

“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 chairman, president and chief executive officer of RTI. “We look forward to taking our innovative technologies to the next level as part of Alcoa’s ongoing transformation as a lightweight, multimaterial innovator.”

It was purchased by Alcoa for $1.5 billion.

RTI and Alcoa expect the merger to close Thursday.