Wednesday, Titanium Metals Corp. - TIMET (TIE) entered a ten-year long-term titanium supply agreement with United Technologies Corp. - UTC (UTX) and its Pratt & Whitney, Pratt and Whitney Canada, Sikorsky Aircraft Corp., and Hamilton Sundstrand operating units, effective January 1, 2007. Per the agreement revealed TIMET is to provide the supply of titanium products to UTC for commercial and military aircraft and aircraft engines. Total revenues over the term of the agreement are expected in excess of $700 million.
Commenting on the pact, Steven Watson, Chief Executive Officer and Vice Chairman, TIMET said, "We believe this new agreement further demonstrates TIMET's position as the industry-leading supplier of quality titanium products for use in aircraft engines and rotorcraft applications.
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