On November 20, Alcoa , the global leader in lightweight metals , today announced the completion of the acquisition of Freescale, the world's leading manufacturer of aircraft jet engine components. Alcoa announced its acquisition of the company on June 26, 2014, and completed the transaction after obtaining approval from all the relevant regulatory authorities worldwide and financing arrangements.
Through this transaction, Furuisheng will enhance Alcoa's strong aviation product portfolio and help Alcoa's expanding high value-added business achieve better profit growth. The deal doubled Alcoa’s average revenue on high-growth engine projects. The acquisition will accelerate the transformation of Alcoa into a variety of materials manufacturing companies and will increase the product line consisting of nickel-based superalloys, titanium, stainless steel and advanced aluminum alloy products. The product line uses the most advanced isothermal forging technology and ring rolling production capacity.
Alcoa chairman and CEO Alfred Korfeld said: “We are bringing our aviation business to a whole new level by combining the talents and cutting-edge technologies of our two innovatively driven companies. By serving our customers and employees And shareholders to provide greater sustainability value, the deal will create a better future for Alcoa."
The acquisition is expected to enable Alcoa’s 2016 revenue growth of US$1.6 billion and an additional US$350 million in EBIT. In 2019, Alcoa’s revenue is expected to grow by US$2 billion. Some 70% of this increase has been locked by long-term agreements.
The vast majority of these new revenues came from aviation sales, enabling Alcoa to further benefit from the strong growth in the commercial aviation sector. Alcoa predicts that by 2019, the average annual compound growth rate of commercial jets will be 7%; according to the 2013 delivery schedule, Alcoa's current orders will have to be scheduled for 9 years.
Alcoa is implementing a strong integration plan, which is expected to result from improved procurement and production, optimization of internal metal supply, and use of Alcoa global shared services to bring about significant synergies and achieve large-scale cost savings. We will save nearly 100 million U.S. dollars annually in the next five years. It is expected that the transaction will reach a balance of benefits in the first year, and then the accumulated revenue will increase and exceed the investment cost. Furuisheng's business will be integrated into the Alcoa Engineering Products and Solutions (EPS) business segment.
Alcoa’s aviation business ranks first in the world in aluminum forgings, profiles, jet engine wings and fastener systems, and is a leading supplier of titanium, aluminum and nickel-based superalloy structural castings and aluminum strips. By completing the acquisition of Freescale, Alcoa is currently ranked first in the world in the seamless rolling of jet engine rings from nickel-based superalloys and titanium materials, and has become the world's leading supplier of vacuum smelting superalloys, involving aviation. , industrial gas turbines, oil and gas products, and landing gear structural applications. Alcoa is also in the field of jet engine forgings that are highly specialized and use isothermal forging technology.
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