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United Kingdom,United States : ALCOA to buy FIRTH RIXSON for $3 BILLION

June 28, 2014

Pittsburgh-based Alcoa announced its plans to buy the British jet engine component company Firth Rixson in a deal for around $3 billion, to expand into the aerospace industry.

Alcoa stated that it will pay $2.35 billion in cash and $500 million in stock to Firth Rixson's current owner, the private equity firm Oak Hill Capital. It also may invest an additional $150 million based on pre-set performance targets.

It added, Firth Rixson products comprise of jet engine parts like turbine and compressor cases.

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Source: TendersInfo (India)

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