Alcoa Acquires RTI for $1.5B, Increases Focus on Aerospace
The aluminum production giant Alcoa, Inc. has set its sights on a greater focus towards the aerospace industry. On March 9, 2015 Alcoa agreed to acquire the titanium supplier, RTI International Metals for USD$1.3 billion with the goal of generating greater profits in aerospace products. Approximately 80 percent of RTI’s business is in the defense and aerospace industry as titanium is currently the fastest growing metal used in aerospace production. Current customers of RTI include big names in the aircraft industry such as Boeing. With the deal in place, Alcoa looks to save approximately USD$100 million in 2019 and generate USD$1.2 billion in revenue.
Alcoa (Aluminum Company of America) is the world’s third largest producer of aluminum. Since its founding in 1888, the company has grown to a 60,000-person company and has met over USD$23 billion in yearly revenue. Headquartered in New York City, the company operates in over 30 countries and produces a full range of aluminum such as primary aluminum, fabricated aluminum, and alumina combined. Alcoa’s expertise also includes all parts of the industry such as technology, mining, refining, smelting, and recycling. Although the company has set its sight in growing its aerospace product production, the company is mainly known for their manufacturing of everyday commercial goods such as tire rims, soft drink cans, and fasteners.
Founded in 1950, RTI International Metals is a leading producer of titanium mill products and fabricated metal components. Headquartered in Pittsburg, the company has over 1,000 employees and has met over USD$500 million in yearly revenue. With many subsidiaries, the company is able to manufacture and produce products catered to the aerospace, international, defense, energy, chemical, and general consumer industries. Their products are used in all sorts of applications worldwide and primarily consists of titanium sponges, titanium alloy ingot, sheet, strip, billet, plate, and tubes.
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