Alcoa Inc. (AA) announced a second major North American expansion to meet the growing demand for light, durable and recyclable aluminum sheet for automotive production.
The company said it will invest $275 million over the next three years to expand and convert capacity at its rolling mill in Alcoa, Tennessee to support automotive producers' plans to use more aluminum sheet to increase fuel efficiency, safety, durability and performance of cars and light trucks.
The company stated that the Tennessee expansion will add 200 full-time jobs upon completion. In addition, more than 400 jobs will be created during the construction phase of the expansion. The project will convert some of the plant's can sheet capacity to high-strength automotive aluminum capacity, as well as install incremental automotive capacity. The Tennessee expansion is scheduled to begin this month and be completed by mid-2015.
When completed, the plant will be a key supplier to both the packaging and automotive markets, the company said.
The company previously announced a $300 million expansion of its Davenport, Iowa plant which is set to be completed by the end of this year.
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