Lightweight metals leader Alcoa (NYSE: AA) today announced that it has completed the acquisition of RTI International Metals, Inc. (NYSE: RTI), a global leader in titanium and specialty metal products and services for the aerospace, defense, energy and medical device markets. The merger, announced on March 9, became effective today. Under the terms of the merger agreement, each share of RTI common stock has been converted into the right to receive 2.8315 shares of Alcoa common stock, plus an amount of cash in lieu of fractional shares of Alcoa common stock. With RTI, Alcoa expands its reach into titanium—the world's fastest-growing aerospace metal—and adds advanced technologies and materials capabilities for greater innovation power in aerospace and beyond. "Today, Alcoa takes its multi-material aerospace portfolio to greater heights than ever before," said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. "By combining the talent and advanced technology of RTI and Alcoa, we significantly increase Alcoa's aerospace market reach. Through this and our other investments and innovations, we are positioning the Company to capture even more profitable growth and create greater sustainable value for our customers, employees and shareholders." Alcoa expects RTI to contribute $1.2 billion in revenue in 2019, up from $794 million that RTI generated in 2014, with 65 percent of revenues supported by contracts over the next five years. RTI's profitability is expected to reach 25 percent EBITDA margin in 2019. Contracts that underpin RTI's growth include the recently announced contract with Airbus for finished titanium structural supply parts for the new A350-1000 aircraft program. Under the agreement, Alcoa will supply titanium parts for the fuselage, among other components. This transaction positions Alcoa to capitalize on strong growth in the commercial aerospace sector. Alcoa expects global aerospace sales growth of 8 to 9 percent in 2015. Projections for 2016 and 2017 sales growth have nearly doubled to 8 and 13 percent, from 4 to 5 percent and 6 percent, respectively, showing the ongoing strength of the sector. Eighty percent of RTI's revenues in 2014 were from the aerospace and defense industries. With RTI, Alcoa's 2014 pro forma aerospace revenue increases by 13 percent to $5.6 billion.