UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 16, 1999
Howmet International Inc.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-13645 52-1946684
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Commission File Number (IRS Employer Identification No.)
475 Steamboat Road, Greenwich, CT 06836-1960
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(Address of principal executive offices) (Zip Code)
(203) 661-4600
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Registrant's Telephone Number
1
ITEM 5 OTHER EVENTS
The following news release was issued on February 12, 1999.
Howmet to Redeem Preferred Shares
Greenwich, CT - Howmet International Inc. (NYSE: HWM) today announced that
on February 17, 1999, it plans to exercise its option to redeem all of its
then outstanding 9% Series A Senior Cumulative Preferred Stock. The
aggregate redemption price will be $66,379,991. All of these shares are
owned by a subsidiary of Cordant Technologies Inc., which also owns 84.7%
of the company's common stock. The redemption will be funded with lower
cost debt under an existing bank line of credit and is expected to be
accretive to FY99 earnings.
Headquartered in Greenwich, CT, Howmet is the world's largest manufacturer
of precision castings, primarily for jet aircraft, industrial gas turbine
engines and airframe structures. Howmet and its subsidiaries operate 29
production facilities in the United States, Canada, France, the United
Kingdom and Japan.
This press release includes forward-looking statements. Pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995, the company cautions readers that such forward-looking statements are
subject to certain risks and uncertainties, which could cause actual
results to differ materially from those projected in those statements.
These risks and uncertainties include, but are not limited to, worldwide
economic and political conditions, the effects of aerospace industry
economic conditions and cyclicality, the nature of the company's customer
base, competition, pricing pressures, availability and cost of raw
materials, and others detailed in Exhibit 99.1 to the Company's Annual
Report on Form 10K filed with the Securities and Exchange Commission for
the year 1997.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
HOWMET INTERNATIONAL INC.
(Registrant)
By: /S/ Roland Paul
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Roland Paul
Vice President
Date: February 16, 1999