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Boeing : Norsk Titanium wins Boeing authorization

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06/23/2018 | 12:36am CEST

June 22--PLATTSBURGH -- Norsk Titanium now produces parts for Boeing, a major step for the company that intends to hire hundreds of workers for its Plattsburgh plant.

The manufacturing site is now listed on Boeing's Qualified Producers List.

The Plattsburgh facility has been authorized to produce parts since May 1 for the aerospace company that describes itself as largest in the world.

Boeing manufactures commercial and military aircraft, weapons, electronic and defense systems, launch systems, and advanced information and communication systems.

The continued success in Plattsburgh will help bring success to Norsk and the state of New York, Norsk Chief Operating Officer Tamara Morytko said in a press release.

"Receiving this qualification from Boeing, now qualifying two Norsk Titanium sites for production across the globe, is a true vote of confidence in our service, quality and disruptive Rapid Plasma Deposition."

COLLABORATION

Norsk Titanium's patented Rapid Plasma Deposition process led to the collaboration with Boeing.

The process transforms titanium wire into components that are structurally sound and safe for aerostructures, the release said.

"Rapid Plasma Deposition is the world's first FAA-approved, 3D-printed, structural titanium, delivering substantial lead-time and cost savings for aerospace, defense and commercial customers," the release said.

The process markets other manufacturing benefits, promising faster production and the use of less titanium when compared to similar production methods.

The Boeing Company designed structural components needed for their 787 Dreamliner -- the first commercial aircraft to fly with such components -- and Rapid Plasma Deposition brings them to life.

Norsk's Plattsburgh New York Development and Qualification Center site produced its first part under the Boeing contract on May 15.

'NO SIMPLE MATTER'

To earn a spot on Boeing's List, the facility had to meet that company's standards.

Norsk Titanium Chief Commercial Officer Chet Fuller said they began the process back in 2016 after the company installed the Rapid Plasma Deposition machines.

"Then over the course of 2017, demonstration and audits of its quality management system were completed to ensure conformity to Boeing standards," he said.

Boeing's requirements are stringent, North Country Chamber of Commerce President Garry Douglas agreed.

"It is no simple matter to become an approved producer for Boeing," he said in a statement.

"Especially when you are deploying an entirely new and disruptive additive manufacturing technology."

'FULL-STEAM AHEAD'

Empire State Development President, CEO and Commissioner Howard Zemsky said Norsk's expanded production is good news for the local economy.

"The Norsk Titanium team continues to deliver on their commitments to this area, and we look forward to continued growth in the future," he said in the release.

Morytko said the Plattsburgh site currently has 65 employees.

"We'll continue to hire as we ramp up production both in that current facility, as well as the new facility being built through a partnership with the state."

Norsk has said it plans to have 400 employees working in Plattsburgh by the end of 2019.

The company produces its product in a 67,000-square-foot building at 44 Martina Circle in Air Industrial Park in the Town of Plattsburgh, leased from the Development Corp.

As announced in 2017, a SUNY Polytechnic facility for Norsk's use will be built at the former Clinton County Airport on Route 3 in the Plattsburgh hamlet of Morrisonville.

Douglas said construction will begin in the near future.

"In the meantime, Norsk has been able to move full steam ahead, thanks to the space secured from the Development Corporation," he said.

Email McKenzie Delisle:

[email protected]

Twitter: @McKenzieDelisle

___

(c)2018 the Press-Republican (Plattsburgh, N.Y.)

Visit the Press-Republican (Plattsburgh, N.Y.) at pressrepublican.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ($)
Sales 2018 97 866 M
EBIT 2018 11 561 M
Net income 2018 9 819 M
Debt 2018 2 043 M
Yield 2018 1,99%
P/E ratio 2018 20,45
P/E ratio 2019 18,18
EV / Sales 2018 2,04x
EV / Sales 2019 1,92x
Capitalization 197 B
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 398 $
Spread / Average Target 17%
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NameTitle
Dennis A. Muilenburg Chairman, President & Chief Executive Officer
Jenette E. Ramos Senior Vice President-Supply Chain & Operations
Theodore Colbert Chief Information Officer & SVP-Data Analytics
Gregory L. Hyslop CTO, Senior VP-Engineering, Test & Technology
Kenneth M. Duberstein Director
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