150 Jobs Available In $300m Iowa Aluminum Plant Expansion
Des Moines, Iowa, United States
September 16, 2011 07:25 pm EDT
Economy, Business And Finance, Business, Labor, Employment, Occupations, Economy, Business And Finance, Macro Economics, Economic Indicator
Some 150 jobs are available for the taking at Iowa after aluminum producer Alcoa Inc. announced a $300 million investment to expand its Davenport plant, as part of compliance to federal rules to increase gas mileage and lower emissions in automobiles.
The expansion of the Davenport facilityis expected to be completed by the end of 2013, where 2,150 workers are currently employed. Alcoa expects to renovate around 153,000 square feet and add another 27,000 square feet to its production facility.
"The automotive market is a tremendous growth opportunity for Alcoa over the next several years," Klaus Kleinfeld, Alcoa's chief executive, said in a statement, as auto makers race to use lightweight aluminum parts instead of heavier metals like steel to reduce vehicle weight in order to meet fuel efficiency standards.
Earlier this year, a report released by the Aluminum Association said the typical light-duty vehicle uses about 330 pounds of aluminum. The group expects the figure to rise to 500 pounds by 2025.
Alcoa officials also revealed that the $3 million incentive package given by Iowa Department of Economic Development helped them ultimately decide to push through for the improvement at Davenport facility. The state package includes tax, financing, research and development credits and training grants for the Davenport workforce.
Alcoa posted a 27% growth in its second quarter revenues this year. The company reported a total of $6.585 billion, due to higher alumina shipments, and higher realized pricing for both alumina and aluminum.
Likewise, the company’s profits improved across all its segments. Increased revenues were posted in packaging (13%), aerospace (6%), building and construction (12%), commercial transportation (16%, industrial products (9%), industrial gas turbines (8%) and automotive (5%).
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