Allegheny Technologies Incorporated on October 16 announced that it has signed a long-term agreement with the Boeing Company for the supply of titanium products for commercial aerospace applications. The expected total revenue under the agreement at base prices from 2007 through 2015 is approximately $2.5 billion. The aerospace titanium mill products covered by the agreement include ingot, billet, bar, rectangle, plate and sheet.
"We are pleased to be a key contributor to Boeing's long-term commercial aerospace growth plan," said Patrick Hassey, chairman, president and chief executive officer of Allegheny Technologies. "ATI is investing to grow our titanium sponge, melting, and finishing capabilities to help meet the robust global demand for titanium products. Through this long-term agreement ATI becomes a major supplier to the Boeing Company.
"As a key supplier to the aerospace markets for nearly 50 years, ATI has consistently invested in technological innovation and improvement in quality and customer support systems. ATI's position as a secure and reliable producer coupled with our strategic growth initiatives allows us to fully support our aerospace jet engine customers and provide significant growth for ATI's aerospace titanium products to the airframe market."
Allegheny Technologies previously announced capital investments for titanium sponge and further expansion of its titanium melt and finishing capabilities for both long products and flat-rolled products.