May 29 Alcoa Inc, the biggest U.S. aluminum producer, said it started work on a $100 million plant in Indiana to meet rising demand from large commercial aircraft makers.
The plant, expected to be completed by the end of 2015, will make nickel-based super alloy jet engine parts for large commercial aircraft, including wide-body and military airplanes, the company said.
The new plant will create 329 jobs by 2019 and increase the company's capacity to supply engine parts for narrow-body aircraft, Alcoa said.
"Aerospace growth is soaring and Alcoa is ramping up downstream capabilities to capture that demand," Alcoa Chief Executive Klaus Kleinfeld said in a statement.
Alcoa in April raised its 2014 growth forecast for the global aerospace market to 8-9 percent from the 7-8 percent it forecast in January.
The company's aerospace business, which had revenue of about $4 billion in 2013, counts Boeing Co and Airbus group NV among its customers. (Reporting by Rohit T. K. in Bangalore; Editing by Don Sebastian)