Alcoa Lands $1B Airplane Fastener Contract from Airbus
Resource from: Modern Distribution Management Likes:216
Oct 10,2015
Oct. 06--Alcoa Inc. will make bolts and other fasteners for Airbus planes under a $1 billion deal announced Monday that highlights the growing importance of the company's aerospace business.
The contract, which the New York-based company said is its biggest with Airbus Group SE for fasteners, was announced a week after Alcoa disclosed plans to split into two companies next year. The split will separate its legacy mining and smelting operations from a faster-growing segment that supplies components to the aerospace and automotive industries.
The fasteners, which Alcoa CEO Klaus Kleinfeld called "breatkhrough technologies" are made from materials such as stainless steel, titanium and nickel-based superalloys. They are used to hold or join airplane panels and components.
Alcoa, which has about 2,000 employees in the Pittsburgh area, said the fasteners will be manufactured at 14 global aerospace plants, but none of them are in the Pittsburgh area. They will be used on the popular A330 and some of the newest high-growth Airbus planes, including the A350 wide-body jet and the A320neo family, Alcoa said.
Most of the work will be completed in California, said Mary Anne Greczyn, spokeswoman in the Herndon, Va., office of France-based Airbus. Airbus last month opened an assembly plant in Alabama, its first in the United States. At the end of last month, the company said it had a backlog of 6,755 aircraft on order.
Last year, Alcoa announced a $1 billion contract to supply sheet and plate products to Boeing Co. for commercial airplanes. It also announced a $1.1 billion, 10-year deal that year with jet engine maker Pratt & Whitney to provide components, including fan blades using aluminum-lithium produced at Alcoa Technical Center in Upper Burrell.
Aerospace and automotive components, such as aluminium for auto body parts, are contributing a growing share of Alcoa's revenue and profit. The company said its value-add business, which includes those two units, contributed 51 percent of overall after-tax operating income last year, more than double its contribution to earnings in 2008.
Alcoa is moving to unlock the potential of these fast-growing segments with its plan to split into two publicly traded companies. Its commodity mining and smelting business, hurt by falling aluminum prices and weak demand, will retain the Alcoa name. Alcoa has not yet named the company that will include the business units that make parts for airplanes and automobiles.
Tory N. Parrish is a staff writer for Trib Total Media. She can be reached at 412-380-5662 or tparrish@tribweb.com.
(Modern Distribution Management)
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