Alcoa's purchase of Firth praised

Special to the News

Updated: Sep 26, 2014, 5:00 PM

Published: Sep 26, 2014, 2:37 PM

A pending business transaction will weld Firth Rixson, a Liberty County aerospace manufacturer headquartered in Sheffield, United Kingdom, and Alcoa, a Pittsburgh-headquartered aluminum industry pioneer.
Alcoa announced the acquisition in June, citing a strategic alignment that will position the company for additional aerospace growth with a broader range of high-growth, value-add jet-engine components. According to the announcement, Alcoa will purchase Firth Rixson’s 13 operating facilities for $2.85 billion in cash and stock from private-equity firm Oak Hill Capital Partners.
Firth Rixson’s sales are expected to grow 12 percent annually through 2019, a rate more than double the expanding global-aerospace market, the release said. Approximately 70 percent of Firth Rixson’s growth is secured by long-term agreements.
Additionally, Alcoa announced in early September a multiyear contract to supply aluminum sheet and plate products for Boeing Co. jetliners, in a deal valued at more than $1 billion.
Firth Rixson’s closed-die forging facility in Tradeport East Business Center was constructed in 2010 with a planned 200 jobs. In 2011, the company announced the introduction of an isothermal-forging press and a 20 percent facilities expansion.
Tradeport East employment numbers have soared above initial projections; 220 are employed, and 300 jobs will be created once in full production mode.
Liberty County Development Authority CEO Ronald E. Tolley said the development is favorable for the county.
“Since welcoming Firth Rixson to the community, we’ve been pleased to see its growth ahead of projections and the decision to locate innovative isothermal forging technology in Tradeport East,” Tolley said. “We welcome the company’s alignment with an industry front-runner that employs more than 60,000 people over 30 countries.”
Alcoa expects to close the transaction by the end of 2014.
The transaction has been approved by the boards of directors of both companies and remains subject to customary conditions and receipt of regulatory approvals, according to the release.
“The acquisition of Firth Rixson is a major milestone in Alcoa’s transformation,” said Klaus Kleinfeld, Alcoa chairman and chief executive officer, in a June release. “This transaction will bring together some of the greatest innovators in jet engine component technology; it will significantly expand our market leadership and growth potential. Firth Rixson increases the earnings power and broadens the market reach of our high-value aerospace portfolio and will deliver compelling and sustainable value for customers and shareholders.”

Record April boosts Savannah's container trade at port

The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

GardenCityTerminal — The Port of Savannah moved 356,700 20-foot equivalent container units in April, an increase of 7.1 percent. - photo by Provided

Bryan County News

Updated: May 23, 2018, 1:59 AM

Published: May 23, 2018, 2:00 AM

The Georgia Ports Authority's busiest April ever pushed its fiscal year-to-date totals to more than 3.4 million 20-foot equivalent container units (TEUs), an increase of 8.8 percent, or 280,000 TEUs, compared to the first 10 months of fiscal 2017.

"We're on track to move more than 300,000 TEUs in every month of the fiscal year, which will be a first for the authority," said GPA Executive Director Griff Lynch. "We're also anticipating this to be the first fiscal year for the Port of Savannah to handle more than 4 million TEUs."

April volumes reached 356,700 20-foot equivalent container units, up 7.1 percent or 23,700 units. As the fastest growing containerport in the nation, the Port of Savannah has achieved a compound annual growth rate of more than 5 percent a year over the past decade.

"As reported in the recent economic impact study by UGA's Terry College of Business, trade through Georgia's deepwater ports translates into jobs, higher incomes and greater productivity," said GPA Board Chairman Jimmy Allgood. "In every region of Georgia, employers rely on the ports of Savannah and Brunswick to help them become more competitive on the global stage."

To strengthen the Port of Savannah's ability to support the state's future economic growth, the GPA Board approved $66 million in terminal upgrades, including $24 million for the purchase of 10 additional rubber-tired gantry cranes.

"The authority is committed to building additional capacity ahead of demand to ensure the Port of Savannah remains a trusted link in the supply chain serving Georgia and the Southeast," Lynch said.

The crane purchase will bring the fleet at Garden City Terminal to 156 RTGs. The new cranes will support three new container rows, which the board approved in March. The additional container rows will increase annual capacity at the Port of Savannah by 150,000 TEUs.

The RTGs will work over stacks that are five containers high and six deep, with a truck lane running alongside the stacks. Capable of running on electricity, the cranes will have a lift capacity of 50 metric tons.

The cranes will arrive in two batches of five in the first and second quarters of calendar year 2019.

Also at Monday's meeting, the GPA Board elected its officers, with Jimmy Allgood as chairman, Will McKnight taking the position of vice chairman and Joel Wooten elected as the next secretary/treasurer.

For more information, visit gaports.com, or contact GPA Senior Director of Corporate Communications Robert Morris at (912) 964-3855 or rmorris@gaports.com.

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