This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Alcoa, Governor Branstad Break Ground On Automotive Expansion In Davenport, Iowa

Alcoa executives today joined Governor Terry Branstad, Lt. Governor Kim Reynolds, and other local and state officials to break ground on a $300 million expansion of its Davenport Works plant here to meet rising demand for aluminum from the automotive market. Car manufacturers have said they plan to grow aluminum use from 343 pounds per car today to 550 pounds by 2025 as they switch from steel to increase the fuel efficiency, safety, durability and performance of the cars they produce.

The expansion will create an additional 150 full time jobs in Davenport once completed, bringing total employment to more than 2,300 high-value jobs. In addition, during construction, an incremental 150 jobs will be created at the plant. The previously announced expansion is expected to be completed by the end of 2013. An economic development incentive package from the Iowa Department of Economic Development (IDED) helped secure the selection of Davenport for the expansion.

Following the expansion, the plant will have more than 130 acres under roof and will generate nearly $5 million a day into the local economy, according to a new economic impact study by the Quad City Chamber of Commerce.

“This is a great day for Scott County and surrounding communities. We are proud to have Alcoa filling the world’s needs right here in Iowa. This expansion is a testament to the tremendous Iowa work ethic, and Alcoa’s recognition of what this great area has to offer,” Gov. Terry E. Branstad.

“This is a great celebration. Alcoa’s expansion is occurring because they make great products for their consumers,” said Lt. Gov. Kim Reynolds. “We look forward to Alcoa’s continued future success and are proud to partner with them here in Iowa.”

“This is a great day for Davenport Works and the state of Iowa. It’s a great day for Alcoa. And, a great day for the automotive industry and anyone who drives a car,” said Mark Vrablec, President of Aerospace, Transportation and Industrial & Specialty Products for Alcoa’s Global Rolled Products business. “The growth opportunities in automotive are fabulous. Today marks just the beginning of capturing that opportunity and we are proud it’s happening right here in the Quad Cities.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,605.66 -37.35 -0.22%
S&P 500 1,981.97 -6.90 -0.35%
NASDAQ 4,815.4720 -12.8530 -0.27%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs