Precision Castparts Corp. (PCC) entered into an agreement to acquire Titanium Metals Corp. (Timet) for approximately $2.9 billion. According to PCC, Timet's melting expertise and PCC's forging and conversion assets are a complementary strategic fit. In addition, Timet will provide PCC with the titanium capability that has been a key missing piece of its overall product portfolio. Timet is the largest independent titanium manufacturer in the U.S. and offers a full range of titanium products, including ingot and slab, forging billet and mill forms. The company operates seven primary melting or mill facilities and employs approximately 2,750 people. PCC's tender offer is expected to be completed by the end of 2012.