It’s a great time to be Alcoa. According to a press release from the company, Alcoa is “flying high after $2.85 billion aerospace acquisition” of Firth Rixson, the world’s leading supplier of jet engine rings. The decreasing price of aluminum was a major factor behind the purchase. Alcoa aims to focus more on value-added products, as well as expand their presence in the aerospace industry – two wishes Firth Rixson can potentially fulfill. According to Forbes, the acquisition will increase Alcoa’s aerospace revenue by 20%. Since the news of the acquisition a few weeks ago, Alcoa has seen huge success with their second quarter results.
Read the full press release here.