Alcoa to acquire Firth Rixson

Alcoa, New York, has signed a definitive agreement to acquire Firth Rixson, a provider of aerospace jet engine components based in Sheffield, U.K., from Oak Hill Capital Partners, for $2.85 billion in cash and stock.

The acquisition is expected to increase Alcoa’s annual aerospace revenues by 20 percent, from $4 billion in 2013 to $4.8 billion on a pro forma basis, and is to increase the contribution of the high-growth aerospace segment to Alcoa’s value-add revenues from 30 percent to nearly 35 percent.