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| March 12, 2008
Alcoa Acquires Two Aerospace Fastener Businesses to Bolster its Growing Aerospace Portfolio
Republic and Van Petty Fasteners to
Join Company's Fast-Growing Alcoa Fastening Systems Business
NEW YORK--(BUSINESS WIRE)--Alcoa Inc. (NYSE:AA) announced today it has acquired Republic Fastener
Manufacturing Corporation (“Republic”)
and Van Petty Manufacturing (“Van Petty”)
from The Wood Family Trust. The two aerospace fastener manufacturing
businesses are located in Newbury Park, California, and employ a
combined 240 people.
Since it was founded in 1968, Republic has maintained its focus on the
"super standard" end of the aerospace fastener locknut product line.
Along with its "Boots Aircraft Division”
acquired from Cherry Fasteners in 1989, Republic offers a wide variety
of sheet metal and wrenchable aerospace fasteners used by every major
airframe manufacturer around the world. Van Petty has been producing
high performance precision aerospace fasteners used primarily by engine
& equipment manufacturers since 1943. Their products include a variety
of specialized aerospace fasteners. The two businesses had combined 2007
revenues of $51 million.
“This represents a significant step for Alcoa
Fastening Systems (AFS) in our strategy to accelerate the growth of our
business, both organically and through select acquisitions where we
believe our know-how and commitment will better serve our customers and
our shareowners," said Olivier Jarrault, President of AFS. "As a result
of this acquisition, we are adding much needed aerospace fastener
capacity, and will have greater presence in new targeted markets where
we see increasing demand for our products and services.”
Alcoa Fastening Systems (AFS), a business unit of Alcoa, is a leading
worldwide designer and manufacturer of fastening systems, specialty
fasteners, components, and installation systems for aerospace and
commercial product assembly. Headquartered in Torrance, California, the
company has 6,600 employees, and operates at 26 locations in 9
countries. AFS has outpaced the market, growing revenues 15 percent
annually since 2004 through product innovation and disciplined
execution. The business has also recently expanded its production
footprint with facilities in Suzhou, China; Acuna, Mexico; and
Nemesvamos, Hungary.
Alcoa aerospace revenues have grown from approximately $1.5 billion in
2002 to more than $3.7 billion in 2007. Alcoa businesses serving the
aerospace market hold leading positions and include: Alcoa Fastening
Systems, Alcoa Power and Propulsion which includes investment castings
and forgings in aluminum and specialty metals such as titanium; and Alcoa’s
sheet, plate and hard alloy extrusions businesses serving the structures
market.
About Alcoa
Alcoa is the world leader in the production and management of primary
aluminum, fabricated aluminum and alumina combined, through its active
and growing participation in all major aspects of the industry. Alcoa
serves the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design,
engineering, production and other capabilities of Alcoa's businesses to
customers. In addition to aluminum products and components including
flat-rolled products, hard alloy extrusions, and forgings, Alcoa also
markets Alcoa® wheels, fastening systems,
precision and investment castings, and building systems. The Company has
97,000 employees in 34 countries and has been named one of the top most
sustainable corporations in the world at the World Economic Forum in
Davos, Switzerland. More information can be found at www.alcoa.com.
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