RTI International Metals, Inc. (NYSE:RTI) celebrated today the first production of certified commercial aerospace titanium product at its new, $135 million forging, grinding and hot rolling manufacturing facility in Martinsville, VA. In addition to RTI executives, key executives of Airbus, which will use much of the factory’s titanium output to produce the company’s passenger jets, and Virginia Governor Bob McDonnell attended a ceremony to mark this milestone in the plant’s operations.
The startup of commercial titanium production at Martinsville follows more than 10 months of certification testing to meet Airbus’s stringent initial qualification requirements. It is an important milestone for RTI and represents continued strengthening of the business connection between RTI and Airbus, one of the world’s largest commercial aircraft manufacturers.
“The Martinsville plant is a key new addition to RTI’s ability to meet the expanding titanium needs of Airbus. RTI is the largest North American titanium supplier to Airbus and its parent company, EADS, and this new facility adds an additional link in RTI’s ability to meet their needs across the entire supply chain,” said Dawne Hickton, Vice Chair, President and CEO of RTI.EADS and Airbus Comment “EADS, Airbus and RTI’s long-term partnership was expanded with the construction of the Martinsville facility. This new plant offers us greater material support due to RTI’s increased capacity to produce titanium raw material not only for our A350 XWB aircraft, but to an extended number of EADS and Airbus supply chain partners,” said Eric Zanin, Material Procurement Senior Vice President for EADS and Airbus. Virginia Governor Comment “We are grateful for our partnership with RTI and Airbus, and RTI’s commitment to the economic development of the Martinsville community,” said Governor McDonnell. “RTI’s $135 million new facility and the employment of more than 25 residents from the community is a true testament of a successful partnership between the private and public sector.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV