Allegheny Technologies (NYSE:ATI) looks set to remain a partner of aerospace giant Boeing (NYSE:BA) for some time to come. The former company announced it has extended its existing long-term titanium mill products supply agreement with the aircraft maker. Additionally, that arrangement has been expanded to, in Allegheny Tech's words, "[provide] opportunity for greater use of ATI's next-generation and advanced titanium alloys in both long product and flat-rolled product forms."
The terms of the agreement, and the time frame, were not specified, although Allegheny Tech intimated that it will be in force for at least another several years. In the press release announcing the news, the firm quoted its CEO Rich Harshman as saying that the deal makes Allegheny Tech "well-positioned to participate in Boeing's significant growth into the next decade."
Allegheny Tech is scheduled to discuss its Q3 earnings in a conference call next Wednesday at 8:30 am Eastern time.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why Boeing, ASML Holding, and Ericsson Jumped Today
Find out what role these stocks played in Wednesday's big bounce.
Boeing Co.'s Aircraft Orders Soared in 2017
Boeing finalized 912 net orders for commercial jets last year, its best annual total since 2014.
Boeing Unveils Its MQ-25 Stingray Prototype
Nearly $27 billion in defense contracts could hinge on the award of this single drone contract.