Brussels has approved Alcoa’s proposed $1.5 billion share swap takeover of Pittsburgh-based titanium supplier RTI International Metals.
Completion of the deal, announced in March 2015 and mainly affecting Alcoa’s aerospace business, now awaits a nod from the US Securities and Exchange Commission and RTI shareholder approval.
Alcoa expects RTI to boost its aerospace sales by 13% to $5.6 billion as aircraft programme demand drives a 5% annual increase in spending on titanium aerospace mill products over the next five years.
RTI supplies titanium material and finished components such as airframe structures, seat tracks, and engine and landing gear components to aerospace clients including Airbus, BAE Systems, Boeing, Bombardier and Lockheed Martin.
RTI supplies major aerospace clients including Boeing
Boeing
Source: FlightGlobal.com
