Alcoa to buy aerospace fasteners maker

Alcoa Inc. reports it will pay $240 million for TransDigm Group Inc.'s aerospace fastener business, and will consolidate it with its own Alcoa Fastening Systems business unit. TransDigm Group Inc. is a designer, producer, and supplier of engineered aircraft components.

Alcoa expects the transaction to be completed within the first quarter of 2011, pending regulatory reviews and approvals.

"This acquisition is an important step for Alcoa Fastening Systems (AFS)," stated Alcoa Fastening System president Vitaliy Rusakov. "It is a part of our strategic plan to accelerate the growth of our business, add efficiencies, broaden our technology base and expand our product offering to better serve our customers and increase shareholder value."