Double acquisition for Alcoa
Alcoa 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
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 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 and equipment manufacturers since 1943. Their products include a variety of specialised aerospace fasteners.
The two businesses had combined 2007 revenues of $51m.
‘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.’