» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 38 | NO. 25 | Friday, June 20, 2014

Alcoa to spend $2.85B on jet engine parts maker

Print | Front Page | Email this story

NEW YORK (AP) — Alcoa is delving deeper into the aerospace industry, spending nearly $3 billion to acquire the British jet engine component company Firth Rixson.

Alcoa will pay $2.35 billion in cash and $500 million in stock to the current owner, the private equity firm Oak Hill Capital. It may spend an additional $150 million based on pre-set performance targets.

The Pittsburgh company said Thursday that the deal will boost annual aerospace revenue by 20 percent, to about $4.8 billion. Firth Rixson has operations in the United States, Asia and Europe.

Alcoa is increasing its focus on finished aluminum products for aerospace, autos and other industries. Those segments account for more than half of the company's revenue and three-quarters of its after-tax operating income.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0