Howmet CEO fine with GE Aerospace deal, works to meet strong demand for engine parts
Howmet CEO fine with GE Aerospace deal, works to meet strong demand for engine parts Sept 9 (Reuters) - Howmet Aerospace HWM.N is still working to meet vast demand for engine parts to power commercial jets, the company’s CEO said on Wednesday, even as a $12 billion deal by GE Aerospace GE.N to acquire a castings giant raises fresh questions for industry.
CEO John Plant said he is fine with GE announcing plans on Tuesday to acquire Consolidated Precision Products (CPP) to address jet-engine supply bottlenecks, as the producer of castings and blades for engines is still working to meet strong customer demand.
"And you saw the intent, you know, yesterday was to look at developing it over the years. And I think we should be fine with that," Plant told the Jefferies Global Industrial Conference in New York.
"I know the question is, if there is additional investment and capacitization of CPP in the future, is that (to) the detriment of everybody else, or is it one of our competitors, or is it more aimed at the turbine side or the structural casting side?
"But I think we're pretty confident in our own abilities."
(Reporting By Allison Lampert and Megavarshini G. Somasundaram in Bangalore)
((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters Messaging: allison.lampert.reuters.com@reuters.net))