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Alcoa Signs Deal with COMAC - Analyst Blog
1/31/2013 6:18:00 PM
Alcoa Fastening Systems (AFS), a unit of Alcoa Inc. ( AA ), has announced that it has signed a strategic agreement with Chinese passenger aircraft manufacturer Commercial Aircraft of China Ltd. (COMAC).
The agreement will strengthen Alcoa's presence in China, the world's fastest growing aerospace markets, and also deepen its existing relationship with COMAC. AFS will provide technical assistance in fastener and assembly tooling selection, joint design consideration and quality system management to COMAC for development and production of its commercial C919 aircraft. COMAC will purchase a significant portion of its fasteners from AFS for the initial production of the C919 aircraft.
Alcoa Fastening Systems serves the global aerospace,
automotive and commercial transportation markets with the most
specialized engineering, highest quality, and the greatest
breadth and depth of fastening system solutions in the industry.
Excluding one-time special items, Alcoa earned $64 million or 6 cents a share in the quarter, in line with the Zacks Consensus Estimate. The company's midstream and downstream businesses delivered profits and its cost-cutting measures also supported the results.
Revenues decreased 1.5% year over year to $5,898 million in the fourth quarter, but were ahead of the Zacks Consensus Estimate of $5,579 million.
Alcoa expects global aluminum demand to grow 7% in 2013, up
from 6% in 2012. It currently retains a short-term Zacks Rank #3
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