Alcoa expands fastening systems into Morocco
NEW YORK, June 11 (Reuters) - Alcoa Inc's (AA.N: Quote, Profile, Research) Alcoa Fastening Systems business unit said Thursday that it completed the acquisition of Demicron SNC, which it will integrate into Alcoa Fixations Maroc of Morocco, for undisclosed terms.
Alcoa Fastening Systems said it expects to complete the Demicron integration by year end, and will continue to look for similar opportunities for its long-term manufacturing plan.
Demicron SNC operates from a single location in Casablanca, Morocco, with fewer than 50 employees. It manufactures precision specialty machined aerospace parts, complex progressive dies, forging and stamping tools for the European aerospace industry, and has been a partner to AFS for more than two years.
"The acquisition of business assets from Demicron SNC provides AFS a strong platform for rapid expansion of our presence in the European specialty machined aerospace parts segment," said AFS President Olivier Jarrault.
He added that the Demicron acquisition also provides access to manufacturing capacity that is close to Alcoa's European aerospace operations and will support the Airbus A350 launch.
Headquartered in Torrance, California, Alcoa Fastening Systems is a designer and manufacturer of specialty fasteners, fluid fittings, assembly components and installation tools for aerospace and commercial applications. (Reporting by Carole Vaporean; Editing by Christian Wiessner)
© Thomson Reuters 2009 All rights reserved
UK joins G20 push for world levy on banks
Britain threw its weight behind proposals to impose a global levy on banks to fund future bailouts and called on the G20 to work toward a $100 billion deal to meet the cost of climate change. Full Article | Full Coverage
Galleon case
U.S. insider trading probe widens
Fourteen people were charged with fraud and conspiracy in a dramatic widening of an insider trading scandal. Full Article
India
US
UK
