Alcoa signs deal to supply aluminum sheet, plate products to Boeing

Alcoa said today it has signed a multi-year deal valued at more than $1 billion to supply aluminum sheet and plate products to Boeing, the company’s latest initiative to capitalize on growing demand from the aerospace industry.

The aluminum producer said it is the largest contract during its 35-year relationship with the aerospace company. Alcoa did not disclose how long the contract will last or put an exact value on the agreement.

In July, Alcoa disclosed a $1.1 billion agreement to supply jet engine components to Pratt & Whitney.

Alcoa announced in June it will acquire Firth Rixson, a United Kingdom jet engine component producer, for $2.85 billion in cash and stock. Alcoa expects the purchase will contribute $1.6 billion in revenue to its growing aerospace business by 2016.

Shortly before 11 a.m., Alcoa shares were priced at $17.06, down 14 cents. They are up 61 percent this year.

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