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Arconic Expands Capacity to Capture Growth in Industrial and Automotive Markets
NEW YORK and ALCOA, Tenn.–Arconic Inc. recently announced an investment of approximately $100 million to expand its hot mill capability and add downstream equipment capabilities to manufacture industrial and automotive aluminum products in its Tennessee Operations facility near Knoxville, Tennessee. The company (www.arconic.com) said in a press release that customer commitments for the majority of the anticipated increase in capacity are already in place, and the remainder is expected to be filled by projected customer demand. The project, which is expected to create 70 new jobs, is already underway and is expected to be complete by the fourth quarter of 2020.
“This investment will add capacity to meet growing demand for industrial products and automotive aluminum sheet,” said Tim Myers, president of Arconic’s Global Rolled Products business, in a statement. “With this expansion, we are further diversifying the portfolio of one of our largest North American facilities.”
The industrial market consists of products made with common alloy aluminum sheet, which is used in applications for commercial transportation, appliances, machinery, and construction.
In the automotive market, aluminum is used in applications from bumper to bumper. Demand for automotive aluminum sheet in North America is expected to double in the next 10 years, according to a report published in July 2017 by independent research firm Ducker Worldwide. Arconic’s expansion of the Tennessee facility’s capacity continues its growth strategy, which originated with its $300 million expansion, completed in 2015, to capture growing demand for automotive aluminum sheet.
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