Under the terms of a 1994 agreement, HOWMET INTERNATIONAL, INC. is acquiring partner KOMATSU LTD.'s remaining interest in KOMATSU-HOWMET, LTD. The joint venture, located in Terai, Ishikawa prefecture, manufactures precision investment castings in nickel-, cobalt- and iron-based alloys for aerospace and industrial gas turbine applications. Komatsu-Howmet was formed in 1972 as an equally owned company. In July 1998, Greenwich, Connecticut-head-quartered Howmet, the world's largest producer of precision castings, increased its ownership stake to 81 percent. The buyout of Komatsu's remaining share is expected to be finalized in the spring of 2000. At that time, the name of the venture will be changed to HOWMET JAPAN, LTD.
An exchange rate of ¥103=$1.00 was used in this report. aaaaa