Alcoa Receives EU Clearance to Acquire Fairchild Fasteners
Alcoa Receives EU Clearance to Acquire Fairchild Fasteners
John Wolz
Alcoa Inc. received clearance from the European Union to complete its acquisition of the Fairchild Fasteners division of Fairchild Corporation.
The $657 million acquisition remains subject to customary approvals, consultation with employee representatives and Fairchild shareholders. The transaction is slated to close during the fourth quarter 2002.
Fairchild Fasteners manufactures precision fastening systems and components for commercial and military aircraft.
Alcoa will combine Fairchild with its Huck fastening business and the combined business will have revenues of about $1 billion. About 60% of revenue will be from aerospace, 23% commercial transportation and 17% automotive. �2002 FastenerNews.com
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