Republic and Van Petty Fasteners to Join Company's Fast-Growing Alcoa Fastening Systems Business
NEW YORK--(BUSINESS WIRE)--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® 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.
