NILES, Ohio (WYTV) – The RTI plant in Niles will get a new name this week.
RTI shareholders have voted in favor of being acquired by Alcoa. Ninety-four percent approved the $1.5 billion merger on Tuesday at the RTI annual meeting of shareholders.
“Innovation and scale are critical to winning in both the titanium and aerospace industries. Today’s vote shows our shareholders understand that RTI and Alcoa are a natural strategic fit and that, together, we will be better positioned to compete in the global marketplace and to maximize shareholder value,” said Dawne Hickton, Vice Chair, President and Chief Executive Officer. “We look forward to taking our innovative technologies to the next level as part of Alcoa’s ongoing transformation as a lightweight, multi-material innovator.”
The deal closes on Thursday. Alcoa will acquire all outstanding shares of RTI in a stock-for-stock transaction whereby RTI shareholders will receive 2.8315 Alcoa shares for each RTI share.