At the forefront of every major milestone in aerospace history, Alcoa collaborates with customers to continually advance aviation through its lightweight, high-performance metal innovations. The Company innovates aerospace solutions across structures, engines, and fastener applications. In 2013, Alcoa generated $4 billion in aerospace revenues from four value-add businesses: Alcoa Forgings and Extrusions, Alcoa Power and Propulsion, Alcoa Fastening Systems and Alcoa Global Rolled Products. Alcoa is aggressively transforming its portfolio by building out its value-add businesses to capture profitable growth and by creating a lower cost, highly competitive commodity business. In June 2014, Alcoa announced that it signed a definitive agreement to acquire Firth Rixson, a global leader in aerospace jet engine components, from Oak Hill Capital Partners. The acquisition is expected to close by the end of 2014.