Press Release: Mergers: Commission clears acquisition of US titanium producer Timet by US component manufacturer PCC

The European Commission has cleared under the EU Merger Regulation the proposed acquisition of the US titanium producer Timet by the US component manufacturer Precision Castparts Corporation (PCC). Timet produces titanium parts that PCC uses for manufacturing components. The Commission concluded that the transaction would not raise competition concerns, in particular because the merged entity would be unable to raise prices for Timet’s inputs because of the existence of long term supply agreements (LTAs) and original equipment manufacturers (OEMs) bargaining power.