Alcoa Inc., Pittsburgh, Pa., agreed to acquire the assets of Fairchild Fasteners from the Fairchild Corporation for $657 million in cash. Fairchild Fasteners manufactures precision fastening systems and components for use in the construction and maintenance of commercial and military aircraft. Fairchild Fasteners will be combined with Huck, Alcoa's current fastening systems business, to form Alcoa Fastening Systems (AFS).