Titanium Metals Corp. and Wyman-Gordon Co. agreed to terminate their 1998 purchase and sale agreement, which involved forming a joint-venture to produce titanium castings. Denver-based Timet, a producer of various titanium products, will pay a total of $6.8 million to Wyman to close out the venture.

In place of the original venture agreement, the two companies agreed to a long-term purchase and sale agreement for Timet products to various Wyman operations through 2008.

Wyman is a subsidiary of Precision Castparts that designs and produces a variety of metal components.