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
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ITEM 5 OTHER EVENTS
The following news release was issued on March 4, 1999.
Howmet International Inc. Statement
In late 1998, Howmet International Inc. (HWM) discovered certain testing
and specification non-compliance issues at its aluminum casting operations.
Howmet publicly reported this on its Form 8-K filed on February 9, 1999,
and brought these matters to the attention of all of its relevant
customers. The Company has cooperated fully with its customers and the U.S.
Defense Department in their investigations of these matters and will
continue to do so. Moreover, the Company knows of no in-service problems
associated with these issues.
On March 3, 1999, Howmet's primary operating subsidiary, Howmet
Corporation, received from the U.S. Department of the Air Force a notice of
proposed debarment from future government contracts and subcontracts. It
does not affect existing contracts, other than extensions. This notice is
based upon certain of the testing issues referred to in the Company's Form
8-K and a kickback situation previously reported by Howmet to the U.S.
Defense Department. The issues which are the subject of this notice relate
solely to the operations of Howmet Corporation's aluminum casting
subsidiaries. Under the terms of the notice, the proposed order will not
become final until the Company has had the opportunity to present relevant
information and arguments in opposition to the proposed debarment. The
Company has 30 days in which to make this presentation and it intends to do
so.
The Company is taking the steps it believes necessary to prevent a
repetition of these occurrences. In view of these steps and its full
cooperation with the Defense Department investigation, the Company believes
debarment of either Howmet Corporation or its Cercast subsidiaries is
unwarranted and will vigorously oppose the proposed debarment.
Headquartered in Greenwich, CT, Howmet International Inc. is the world's
largest manufacturer of precision investment castings, primarily for jet
aircraft and industrial gas turbine engines. 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, including actions
to be taken by the Company. 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, the nature of the Company's customer base,
the potential effects of the loss of government business, the effectiveness
of ethics and compliance programs and others detailed in Exhibit 99.1 to
the Company's Annual Report on Form 10-K and other reports filed with the
Securities and Exchange Commission.
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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: March 4, 1999
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