Derbyshire: Manufacturer sells for £1.7billion
A manufacturer of aerospace components is being sold in a deal worth £1.7billion.
Firth Rixson, which has a plant in Darley Dale, is being bought by metals giant Alcoa.
The Sheffield–based firm was formerly owned by US private equity house Oak Hill Capital Partners.
Firth Rixson employs 2,400 people across 12 facilities worldwide.
The Darley Dale site specialises in closed die forgings in nickel–based superalloys, titanium alloys, high and low alloy steels, supplying to the aerospace, civillian nuclear and power generation industries. In the last ten years the company has seen sales grow from £170 million to more than £600 million today, according to the chief financial officer Peter Bland.
He said: “It’s excellent news for Firth Rixson, Alcoa, customers and employees. We have had remarkable growth over the last 10 years.
“We needed a strategic partner for the next stage of growth. This investment will ensure the business will continue to grow for the next few years.”
The deal is set to be completed by the end of the year.