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Thursday, June 26, 2014

Alcoa to purchase aerospace company Firth Rixson, (NYSE: AA)

Alcoa Inc has agreed to acquire aircraft parts maker Firth Rixson from private equity firm Oak Hill Capital Partners for $2.85 billion in cash and stock, the company said on Thursday. The deal will grow Alcoa's aerospace segment, and boost the aluminum giant's production of nickel and titanium goods.

Alcoa Inc. (Alcoa) is engaged in lightweight metals, products and solutions. Shares of AA traded higher by 0.55% or $0.08/share to $14.55. In the past year, the shares have traded as low as $7.63 and as high as $14.79. On average, 18118100 shares of AA exchange hands on a given day and today's volume is recorded at 8211820.