Alcoa Signs Boeing Deal Worth More Than $1 Billion
By Allison Martell | Sep 11, 2014 09:13 AM EDT
Alcoa Inc has signed a long-term contract to supply planemaker Boeing Co with aluminum sheet and plate that is worth more than $1 billion, the metals company said on Thursday.
The new contract is the largest ever signed between the two companies, said Alcoa, a longtime Boeing supplier. It did not disclose a precise value or time frame.
Alcoa has been expanding its aerospace business, and in June announced a $2.85 billion deal to buy jet engine part maker Firth Rixson.
Though it helped create the modern aluminum industry more than a century ago, Alcoa is eager to produce higher-margin, specialized parts for aerospace and automotive customers, even if they contain other metals or no aluminum at all.
Alcoa said the agreement announced on Thursday "establishes a foundation for continued collaboration" on new alloys, including aluminum-lithium.
The deal makes Alcoa the sole supplier of wing skins for Boeing airplanes that have a metallic structure.
Most Popular
-
1
ChatGPT Faces Another EU Privacy Complaint After Failing to Correct Misinformation About People -
2
Top 3 Side Hustle Mistakes To Avoid, According to Mind Brain Emotion CEO -
3
Turning Stress Into Challenge: Retraining The Brain to Overcome Burnout and Achieve Greater Happiness -
4
US Major Retailers Blasted Mastercard, Visa, Urging Judge to Reject Long-Running Antitrust Settlement -
5
Starbucks Gains US Supreme Court Support on Challenging Federal Courts’ Injunction Requests -
6
The Three Income Streams That Brought in $400/month While This Blogger Was Cruising The World -
7
Starting a High-Paying Gig Doesn’t Need A Burning Passion, But Something You Simply Enjoy Doing