Alcoa, Inc., will acquire Tital, a privately held manufacturer that makes titanium and aluminum castings for aircraft engines and airframes. The bulk of Tital’s 650 employees are based in Bestwig, Germany.
This is another step in Alcoa’s aggressive expansion in the aerospace aluminum market. Earlier this year, Alcoa acquired aerospace engine manufacturer Firth Rixson.
“As a fast-growing innovator, TITAL will increase our share of highly differentiated content on the world’s best-selling jet engines,” said CEO Klaus Kleinfeld in a statement released today. “The company’s talent and customer relationships will boost Alcoa’s expanding global aerospace leadership as we meet the future needs of our customers. We have the highest respect for our future colleagues and look forward to welcoming them wholeheartedly into the global Alcoa family.”
Terms of the deal were not disclosed but the statement said Alcoa expects to close the deal in the first quarter of 2015.
The price of Chinese aluminum bar closed up Friday, December 12 at CNY 14,290 ($2,307) per metric ton, halting two days of weakening prices with a 7.5% shift. The Chinese aluminum cash price rose 0.2% to CNY 13,300 ($2,148) per metric ton. The price of Chinese aluminum billet remained steady at CNY 13,600 ($2,196) per metric ton. Chinese aluminum scrap stayed flat at around CNY 12,800 ($2,067) per metric ton.
The primary aluminum cash price saw a 0.7% decline on the LME to $1,935 per metric ton. On the LME, the aluminum 3-month price fell 0.6% to $1,954 per metric ton. The cash price of primary Indian aluminum held steady last Friday, remaining around INR 122.05 ($1.95) per kilogram.