November 23, 2005
Titanium Metals Corp. (TIMET) has announced the formation of XI'AN BAOTIMET VALINOX TUBES CO. LTD., an equity joint venture company formed to produce welded titanium tubing in the Peoples Republic of China. TIMET entered into the joint venture to better position itself to take advantage of the expected increase in demand for titanium products in the growing Chinese market, particularly for welded tubing used in power generation, chemical processing plants, and desalination plants. BAOTIMET's production facilities will be located in Xi'an, China, and production is expected to begin during the fourth quarter of 2006.
The other joint venture partners in BAOTIMET are Baoji Titanium Industry Co. Ltd., one of China's principal producers of titanium products, Valtimet SAS (TIMET's 44 percent-owned welded tubing joint venture with Vallourec SA), and Changzhou Valinox Great Wall Welded Tube Co. Ltd. (a 66 percent-owned subsidiary of Valtimet SAS).