RICHMOND - Governor Timothy M. Kaine today announced that Alcoa will invest up to $25 million to increase capacity and production of investment castings for industrial gas turbines at its Hampton operations.
“Alcoa Howmet has been a steadfast contributor and strong corporate citizen in Hampton since it opened in 1974,” Governor Kaine said. “This expansion reflects Alcoa Howmet’s continued commitment to its workforce and the City of Hampton, and I am delighted the company’s long-term, positive experience in Virginia led to an expansion of this magnitude.”
Alcoa Howmet is a division of Alcoa Power and Propulsion, a major business unit of Alcoa Inc. (NYSE: AA). Alcoa Power and Propulsion is a global leader in airfoil and structural investment castings. Serving the aerospace, defense, energy and industrial markets, its products are primarily used in jet engines and industrial gas turbines. Additional value-added products and services include hot isostatic pressing, specialty coatings, research and development, supply chain management, specialty tools, molds, and machinery. With 27 production facilities, Alcoa Power and Propulsion employs more than 10,000 people worldwide.
Alcoa is the world leader in the production and management of primary and fabricated aluminum, and alumina combined, through its active and growing participation in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation, and industrial markets, bringing design, engineering, production, and other capabilities of Alcoa’s businesses to customers. In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa wheels®, fastening systems, precision and investment castings, and building systems. The company has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland, and has been a member of the Dow Jones Sustainability Index for seven consecutive years.
“We sincerely appreciate the business-friendly environment provided by the Commonwealth of Virginia and the City of Hampton, as well as the state’s participation and support in this effort,” said Bob Baker, Plant Manager, Alcoa Howmet, Hampton facility.
The Virginia Economic Development Partnership worked with the City of Hampton to secure the project for Virginia. Governor Kaine approved a $500,000 performance-based grant from the Virginia Investment Partnership (VIP) program, an incentive available to existing Virginia companies. The Virginia Department of Business Assistance will provide training assistance through the Virginia Jobs Investment Program.
“We look forward to continuing a long relationship with such a valued employer,” said Hampton Mayor Molly Joseph Ward. “The City of Hampton is delighted Alcoa Howmet will continue its success and expanded presence in our city.”