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Alcoa Inc. yesterday agreed to acquire Cordant Technologies Inc. for $2.3-billion (U.S.), giving the world's largest aluminum company a stronger presence in aerospace and automotives, plus new access to the burgeoning market for industrial gas turbines.

The acquisition of the aerospace and industrial technology company would boost Alcoa revenues to $23.5-billion from $16.3-billion when added to Alcoa's pending merger with Reynolds Metals Co.

"This gives us access to new markets," Alcoa chief executive officer Alain Belda said.

Pittsburgh-based Alcoa is offering $57 a share in cash for Cordant's 40 million fully diluted common shares. Alcoa also would assume $685-million in debt, bringing the transaction's overall value to $2.9-billion.

Shares in Cordant jumped 86 per cent, or $25.50, to $55.06 on the New York Stock Exchange, while Alcoa shares fell 10 per cent, or $6.81, to $61.25

Salt Lake City-based Cordant generates $2.5-billion in annual revenues from three market-leading business groups that employ 17,000 workers at 58 facilities in the United States, Canada, France, Britain and Japan.

Cordant's business operations include Huck Fasteners, the global designer of high-performance fasteners and fastening systems, and rocket propulsion systems maker Thiokol Propulsions.

But the jewel in the Cordant crown is its 85-per-cent stake in Howmet International Inc., the world's largest manufacturer of precision investment castings for jet aircraft and industrial gas turbine engines.

Alcoa hopes Howmet will bring closer ties with European aircraft maker, Airbus Industrie, through its business in both new-generation and after-market jet engine components.

Mr. Belda also said Howmet would significantly enhance Alcoa's ability to offer car makers new aluminum, magnesium and titanium "critical items" for auto engine cradles and suspension systems.

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