Alcoa Buys Fairchild Fasteners from Fairchild Corporation to Become Alcoa Fastening Systems
In 2002, Alcoa bought Fairchild Fasteners from the Fairchild Corporation, an aerospace company under the leadership of one Jeffery Steiner, for $657 million–in cash! The union between Alcoa and Fairchild Corp produced the entity known as Alcoa Fastening Systems.
In purchasing Fairchild Fasteners from the Fairchild Corporation, Alcoa Inc combined the division with its own Huck division, which also manufactures fastening systems. Fairchild Fasteners contributed to Alcoa with its specialized experience in the after-market for repair and maintenance of aircraft. Huck was not previously a major participant in that area.
Today, Alcoa Fastening Systems is an aerospace technology and services company serving global aerospace, automotive, and commercial transportation markets. Alcoa Fastening Systems utilizes the most specialized engineering in combination with the best fastening system solutions in the industry.
About the Fairchild Corporation: The Fairchild Corporation makes fastening systems and components for commercial and military aircraft. Jeffery Steiner has been Chairman of the Fairchild Corporation since 1985. Jeffery Steiner previously served as Chairman of the Board, Chief Executive Officer, and President of Banner Aerospace Inc.
About Aloca: Alcoa stands for the Aluminum Company of America. Aloca is one of the largest aluminum manufacturers in the world. Its founder, Charles Martin Hall, reputedly discovered how to make pure aluminum from dirt and turned this practice into a business that created a new industry the world over.
