Arconic Inc. (NYSE: ARNC) today announced plans to install a new
horizontal heat treat furnace at its Davenport Works facility in Iowa.
Heat treatment is a required step in the production of certain
high-strength products, and is essential for products intended for large
aerospace and industrial applications.
This new furnace will enable Arconic to heat treat longer and thicker
plate than ever before, including material for Arconic’s recently
Plate Stretcher, which began commercial production this year and is
the largest thick plate stretcher in the world. Need for thick aluminum
plate is growing, particularly as demand for composite wings, made with
monolithic thick plate wing ribs, increases.
“This investment will help meet both existing and future customer
demand,” said Tim Myers, President, Global Rolled Products and
Transportation and Construction Solutions. “With this new capability, we
will meet increasing demand for plate used for aircraft wing ribs, skins
and other structural components, particularly in single-aisle builds. It
also opens the door to growth in other markets, such as semi-conductors
for consumer electronics and injection molding for automotive
The $137 million investment is supported by economic development
financial assistance from the Iowa Department of Economic Development
(IDED) and the City of Riverdale. Once the contract is finalized, the
assistance will include tax, financing and R&D credits as well as
training grants for the Davenport workforce and new employees.
“Arconic has been a great Iowa partner, and job creator,” said Iowa
Economic Development Authority Debi Durham. “We look forward to
continuing the relationship with this latest project.”
Construction on the project is expected to begin late this year with
commercial production expected to start in 2019.
Arconic (NYSE: ARNC) creates breakthrough products that shape
industries. Working in close partnership with our customers, we solve
complex engineering challenges to transform the way we fly, drive, build
and power. Through the ingenuity of our people and cutting-edge advanced
manufacturing techniques, we deliver these products at a quality and
efficiency that ensure customer success and shareholder value. For more
Follow @arconic: Twitter,
Dissemination of Company Information
Arconic intends to make future announcements regarding Company
developments and financial performance through its website on www.arconic.com.
This release contains statements that relate to future events and
expectations and as such constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include those containing such words as
“anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,”
“guidance,” “goal,” “intends,” “may,” “outlook,” “plans,” “projects,”
“seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of
similar meaning. All statements that reflect Arconic’s expectations,
assumptions or projections about the future, other than statements of
historical fact, are forward-looking statements, including, without
limitation, statements regarding the aerospace and other end markets,
and customer demand. Forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties, and changes
in circumstances that are difficult to predict. It is possible that
actual results may differ materially from those indicated by these
forward-looking statements due to a variety of risks and uncertainties,
including, but not limited to, deterioration in global economic and
financial market conditions generally, unfavorable changes in the
aerospace and other end markets, and the risk factors summarized in
Arconic’s Form 10-K for the year ended December 31, 2016, Arconic’s Form
10-Q for the quarter ended June 30, 2017 and other reports filed with
the U.S. Securities and Exchange Commission. Arconic disclaims any
obligation to update publicly any forward-looking statements, whether in
response to new information, future events or otherwise, except as
required by applicable law. Market projections are subject to the risks
discussed above and other risks in the market.