Two firms will sell most of their titanium unit.
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Allegheny International and NL Industries, partners for the last 30 years in the nation’s largest integrated producer of titanium, plan to sell 90% of their Timet division of Titanium Metals Corp. of America to Kelso & Co. and top managers of the division. Allegheny and NL will each retain 5% of the firm. Terms of the deal were withheld, but Allegheny said it would use proceeds of the sale to reduce debt. The standard-steel division of Titanium Metals is not involved in the sale, Allegheny and NL added.
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