Alcoa Acquires Firth Rixson
Alcoa signed a definitive agreement to acquire Firth Rixson, a global leader in aerospace jet-engine components, from Oak Hill Capital Partners for $2.85 billion in cash and stock. Sheffield, U.K.-based Firth Rixson is a world-leading provider of seamless rolled rings, forgings and specialty metals to primarily the aerospace market. The acquisition further strengthens Alcoa’s aerospace business and positions it to capture additional aerospace growth with a broader range of high-growth, value-add jet-engine components. Firth Rixson recently developed a state-of-the art facility in Savannah, Ga., which includes an isothermal press and a conventional forge press for other large aerospace components.