(MENAFN) Alcoa, in hopes of bolstering its stake in the aerospace industry, is set to sign a USD1.5 billion deal to buy titanium supplier RTI International Metals, ABC News reported.
The New York-based world's third largest producer of aluminum said that it is set to buy the specialty metal products company in an all-stock deal. The aerospace and defense industries accounted for 80 percent of RTI's revenues in 2014, Alcoa said.
Alcoa is set to diversify from its traditional role of mining and smelting aluminum to become a maker of lightweight metal and alloy products for aerospace, autos and other industries.
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