Global technology, engineering and advanced manufacturing leader Arconic (NYSE: ARNC) today announced a $14 million investment in its Texarkana facility to restart previously idled equipment used for finishing rolled aluminum sheet used to make industrial products. The equipment is expected to be operational by January 2019 and the investment is expected to create 35 jobs.
“This investment is a great opportunity to capture near-term opportunities in high-growth markets,” said Tim Myers, President of Arconic’s Global Rolled Products and Transportation and Construction Solutions businesses. “By restarting Texarkana’s existing equipment, we are able to quickly ramp up to provide additional value-add products for our customers.”
Engineering for the project is already underway and work is expected to begin this month. The project is expected to ramp up production in the first quarter of 2019.
Arconic has applied for incentives to support the project. A decision is pending before the Bowie County Board of Commissioners, cities of Nash and Texarkana as well as Texarkana Community College and Texarkana Chamber of Commerce.
In September of 2015, Arconic restarted assets in the Texarkana casthouse—two casting pits which had been idled since 2009—to meet demand in the automotive industry. The facility, which currently has 80 employees, is part of Arconic’s Global Rolled Products business. The majority of the plant’s production volume has supported Arconic’s automotive business with some additional supply supporting the industrial markets.
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Arconic (NYSE: ARNC) creates breakthrough products that shape industries. Working in close partnership with our customers, we solve complex engineering challenges to transform the way we fly, drive, build and power. Through the ingenuity of our people and cutting-edge advanced manufacturing techniques, we deliver these products at a quality and efficiency that ensure customer success and shareholder value. For more information: www.arconic.com. Follow @arconic: Twitter, Instagram, Facebook, LinkedIn and YouTube.
This release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “estimates,” “expects,” “may,” “plans,” “projects,” “should,” “will,” “would,” or other words of similar meaning. All statements that reflect Arconic’s expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts and expectations relating to products, markets, and Arconic’s investment in its Texarkana facility. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Although Arconic believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: (a) deterioration in global economic and financial market conditions generally; (b) unfavorable changes in the markets served by Arconic, including the automotive and industrial markets; (c) the inability to achieve the level of revenue growth, cash generation, cost savings, improvement in profitability and margins, fiscal discipline, or strengthening of competitiveness and operations anticipated or targeted; (d) Arconic’s inability to realize expected benefits, in each case as planned and by targeted completion dates, from acquisitions, divestitures, facility closures, curtailments, expansions, or joint ventures; and (e) the other risk factors discussed in Arconic’s Form 10-K for the year ended December 31, 2017 and other reports filed with the U.S. Securities and Exchange Commission. Arconic disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law. Market projections are subject to the risks discussed above and other risks in the market.