Titanium Metals Corp of America Expands Under New Identity

Titanium Metals Corp of America was the original name of Titanium Metals Corporation or TIMET, which is the worlds largest fully integrated producer of high quality titanium metal products. The company is also the largest supplier of titanium to the countrys aerospace and industrial markets. Besides this, the company has the highest volume of titanium sales worldwide

In January 1950, Titanium Metals Corp of America was founded as a jointly owned corporation by the National Lead Company and the Allegheny Ludlum Steel Corporation. In the decade of the 1950s, the newly formed company concentrated its efforts in the strategic applications of titanium because of the metals non-corrosive properties, resistance to acids and tensile strength. These uses included the manufacture of aircrafts, submarine parts, jet engines, rockets guided missiles and chemical as well as pharmaceutical equipment.

In the early part of the 1960s, titanium sales slumped because of the limited use of the military jet engine upon which the titanium industry had been founded. It began to recover from mid-1960s driven by the production of a super fast, high flying A-11 jet engine. Soon the metal began to be increasingly applied in the space and manufacturing industry. Around this time the only domestic producers of titanium were Titanium Metals Corp of America and the Reactive Metals Department of Bridgeport Brass Company.

In 1985 National Lead Company and Allegheny International sold their titanium unit to an investors group. While each company retained 5% each of the concern, 90% of the TIMET division of Titanium Metals Corp of America was bought by Kelso & Company and the top management of TIMET division. The series of acquisitions continued with the company being bought first by Baroid Corporation in 1990 and then by Tremont Corporation, principally a Denver holding company with operations conducted through its affiliates.

In the decade of the 1990s, the company underwent a restructuring of the management as well as the manufacturing process. It continued to focus on the specialized value-added products that delivered high product margins besides exploring non-aerospace markets such as industrial power plants, pollution control equipment and offshore oil installations. In 1996 Titanium Metals Corp of America went through another change as the titanium interests of Tremont Corporation and IMI Plc of Great Britain were merged under the name Titanium Metals Corporation.

Currently Titanium Metals Corporation is committed to bringing about innovations in its application in the aerospace industry. Along with this, it wants to support industries developing new uses for titanium like computer hard disks and plans to partner with larger companies to explore markets which use other metals, for instance, auto parts. Today, the company which had started out as Titanium Metals Corp of America in 1950 has 2250 employees and its research, manufacturing and sales operations are distributed all over the globe. The headquarters of the company are based in Denver, Colorado and in 1996, its annual revenues stood at $507.1 million USD.Fundinguniverse