WHITEHALL — Arconic Inc. (NYSE: ARNC) will invest $10 million into its existing Whitehall-based facility that’s expected to create 38 jobs over the next several years, according to a statement.
The global manufacturing company will produce high-tech machinery and equipment at the location.
“Arconic’s expansion here rather than in another state means good jobs for Michigan residents and underscores the strength of the state’s aerospace sector,” Jeff Mason, CEO of MEDC, said in a release. “The decision by Arconic to invest in Whitehall offers further evidence our commitment to helping companies grow and generate new jobs for our residents.”
Arconic — which includes the former Alcoa Howmet and other operations — creates super-alloy airfoils for jet engines and industrial gas turbines.
The company expected to end 2017 with annual revenues between $12.6 billion and $12.8 billion in 2017, according to a report it filed with federal regulators.
Separately, the company announced today that it planned to freeze pension plans for all of its 7,900 U.S. salaried and non-union hourly employees, as it switches to a defined contribution model. The move is expected to reduce the company’s liability by $140 million in the first quarter of 2018.