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Alcoa Unit To Invest $25M In Va. Facility

Wed, 06/18/2014 - 7:53am

HAMPTON, Va. (AP) -- Alcoa Power and Propulsion plans to invest $25 million in new technology at its Hampton, Virginia operation.

Gov. Terry McAuliffe says the expansion will create 75 jobs.

McAuliffe announced the project Tuesday in a news release. He says the new technology will reduce the weight of some jet engine blades by 20 percent.

Alcoa Power and Propulsion is a business unit of Alcoa Inc. The company's products are primarily used in jet engines and industrial gas turbines.

McAuliffe approved a $200,000 grant from the Governor's Opportunity Fund to assist Hampton with the project. He also approved a $450,000 performance-based grant from the Virginia Investment Partnership program.

The Virginia Department of Small Business and Supplier Diversity will provide funding and services to support the company's training and retraining activities.

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