Century Awarded Long-Term Aluminum Supply Contract by Boeing.MONTEREY, Calif.--(BUSINESS WIRE)--Aug. 31, 1998--Century Aluminum Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CENX) has been awarded a 10-year contract to supply heavy-gauge, heat-treated aluminum plate to the Commercial Airplane airplane, aeroplane, or aircraft, heavier-than-air vehicle, mechanically driven and fitted with fixed wings that support it in flight through the dynamic action of the air. Group of The Boeing Company. With estimated revenues of $400 million over 10 years, it is the largest single contract ever awarded to Century's Ravenswood (W.V.) Operations where the premium, aircraft-quality plate is produced. Under the terms of the contract, Century will supply varying amounts of the plate each year, depending on the number of commercial airplanes being built by Boeing. The contract will require a substantial portion of the new plate-making capacity being installed at the Ravenswood plant. A $28-million project there that doubles heat-treated plate capacity to 50 million pounds a year is nearly complete. The contract will begin in 1999. Deliveries in the first year will approximately double Century's current level of shipments to Boeing, which are made principally through metaldistributors. Century will supply three types of plate to Boeing. The most technically advanced form is 7050 Type-III per BMS BMS abbr. Bachelor of Marine Science 7-323. Process improvements by Century metallurgists were key in the development of the Type-III plate. Century is the only U.S. producer able to manufacture the Type III Type III may stand for:
Commenting on the contract, Steven R. Sedberry, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. at the Ravenswood Operations, said: "The contract was awarded in part because of Century's capabilities for producing advanced forms of plate in dimensions greater than those of any other producer in the world. The contract provides Boeing with assured long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. supplies of capacity-limited plate. It also has substantial provision and incentives for reducing costs and streamlining the interface between our two companies. "The contract also is further evidence of Century's progress in its stated strategy of producing greater volumes of premium rolled products while reducing dependence on commodity sheet products." Century produces primary aluminum and a broad range of aluminum sheet and plate products. Its principal subsidiary is Century Aluminum of West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Inc., which operates a reduction plant and rolling mill rolling mill: see steel. at Ravenswood, W.V. Century also owns a 26.67 percent interest in an aluminum reduction plant at Mt. Holly, S.C.
CONTACT: Century Aluminum
A. T. Posti, 831/642-9364
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion