Precision Castparts Corporation plans to buy Titanium Metals Corporation, according to an announcement from the Timet Company Friday.

TMC owns the Timet plant in Toronto, and residents shared their thoughts on the sale.

"Very surprised, very shocked. It's a life blood for Toronto," said Sue Davidson, of Toronto. "As a retired teacher here in town, it was a tax base."

Officials said the whole sale is worth roughly $2.9 billion. Residents said they are afraid of how it will affect the Gem City and plant workers.

"How are they going to move? They've got houses and cars and all that...a shame," said Jim Libetti, of Toronto.

Officials said the sale isn't final yet, and it's unclear how it will affect the Toronto plant. They expect the deal to go through by the end of December, officials said.

"I had 37 years in that place, and I hate to hear they're selling it," said Dick King, of Toronto. "This is great for Toronto if they didn't sell it, but we don't know what the outcome's going to be because we don't know who's buying it as we speak. I'm just flabbergasted to hear that they're even selling it."

Company official Mike Anderson, the president of the office and technical employees, told NEWS9 they will meet with other representatives the week of Nov. 12.

He said they hope for a smooth transition and to keep their workers happy.

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