Arconic Expands Capacity to Capture Growth in Aerospace and Industrial Markets
November 20 2017 - 4:01PM
Business Wire
Arconic Inc. (NYSE: ARNC) today announced plans to install a new
horizontal heat treat furnace at its Davenport Works facility in
Iowa. Heat treatment is a required step in the production of
certain high-strength products, and is essential for products
intended for large aerospace and industrial applications.
This new furnace will enable Arconic to heat treat longer and
thicker plate than ever before, including material for Arconic’s
recently installed Thick Plate Stretcher, which began commercial
production this year and is the largest thick plate stretcher in
the world. Need for thick aluminum plate is growing, particularly
as demand for composite wings, made with monolithic thick plate
wing ribs, increases.
“This investment will help meet both existing and future
customer demand,” said Tim Myers, President, Global Rolled Products
and Transportation and Construction Solutions. “With this new
capability, we will meet increasing demand for plate used for
aircraft wing ribs, skins and other structural components,
particularly in single-aisle builds. It also opens the door to
growth in other markets, such as semi-conductors for consumer
electronics and injection molding for automotive applications.”
The $137 million investment is supported by economic development
financial assistance from the Iowa Department of Economic
Development (IDED) and the City of Riverdale. Once the contract is
finalized, the assistance will include tax, financing and R&D
credits as well as training grants for the Davenport workforce and
new employees.
“Arconic has been a great Iowa partner, and job creator,” said
Iowa Economic Development Authority Debi Durham. “We look forward
to continuing the relationship with this latest project.”
Construction on the project is expected to begin late this year
with commercial production expected to start in 2019.
About Arconic
Arconic (NYSE: ARNC) creates breakthrough products that shape
industries. Working in close partnership with our customers, we
solve complex engineering challenges to transform the way we fly,
drive, build and power. Through the ingenuity of our people and
cutting-edge advanced manufacturing techniques, we deliver these
products at a quality and efficiency that ensure customer success
and shareholder value. For more information: www.arconic.com.
Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and
YouTube.
Dissemination of Company Information
Arconic intends to make future announcements regarding Company
developments and financial performance through its website on
www.arconic.com.
Forward–Looking Statements
This release contains statements that relate to future events
and expectations and as such constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include those containing such
words as “anticipates,” “believes,” “could,” “estimates,”
“expects,” “forecasts,” “guidance,” “goal,” “intends,” “may,”
“outlook,” “plans,” “projects,” “seeks,” “sees,” “should,”
“targets,” “will,” “would,” or other words of similar meaning. All
statements that reflect Arconic’s expectations, assumptions or
projections about the future, other than statements of historical
fact, are forward-looking statements, including, without
limitation, statements regarding the aerospace and other end
markets, and customer demand. Forward-looking statements are not
guarantees of future performance and are subject to risks,
uncertainties, and changes in circumstances that are difficult to
predict. It is possible that actual results may differ materially
from those indicated by these forward-looking statements due to a
variety of risks and uncertainties, including, but not limited to,
deterioration in global economic and financial market conditions
generally, unfavorable changes in the aerospace and other end
markets, and the risk factors summarized in Arconic’s Form 10-K for
the year ended December 31, 2016, Arconic’s Form 10-Q for the
quarter ended June 30, 2017 and other reports filed with the U.S.
Securities and Exchange Commission. Arconic disclaims any
obligation to update publicly any forward-looking statements,
whether in response to new information, future events or otherwise,
except as required by applicable law. Market projections are
subject to the risks discussed above and other risks in the
market.
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version on businesswire.com: http://www.businesswire.com/news/home/20171120005829/en/
Arconic Inc.Investor Contact:Patricia Figueroa,
212-836-2758Patricia.Figueroa@arconic.comorMedia
Contact:Tracie Gliozzi,
412-553-1345Tracie.Gliozzi@arconic.com
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