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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(R) 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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