Howmet Aerospace Inc. (HWM)

Howmet Aerospace Inc., a Delaware corporation headquartered in Pittsburgh, Pennsylvania, traces its corporate history through Alcoa Inc. (formed in 1888) and Arconic Inc., having undergone two major separations—the 2016 Alcoa Inc. Separation Transaction spinning off Alcoa Corporation, and the 2020 Arconic Inc. Separation Transaction spinning off Arconic Corporation—before adopting its current name. Howmet is a leading global provider of advanced engineered solutions for the aerospace and transportation industries, producing jet engine components, aerospace fastening systems, airframe structural components, and forged aluminum wheels for commercial transportation, with technologies that enable lighter, more fuel-efficient aircraft and trucks. The company operates in 20 countries, with North America and Europe generating approximately 70% and 23% of 2023 sales, respectively, and employed roughly 23,200 people across 23 countries at the end of 2023, about 25% of the U.S. workforce being unionized.

Howmet organizes its business into four reportable segments: Engine Products (investment castings and seamless rolled rings for jet engines and industrial gas turbines), Fastening Systems (aerospace and industrial fasteners and installation tools), Engineered Structures (titanium, aluminum, and nickel forgings, extrusions, and machined components for airframes and defense applications), and Forged Wheels (forged aluminum wheels sold under the Alcoa® Wheels brand). In 2023, aerospace (commercial and defense) represented approximately 64% of revenue, commercial transportation about 21%, and industrial and other markets roughly 15%; General Electric Company and RTX Corporation accounted for approximately 12% and 9% of third-party sales, respectively. The company maintains numerous manufacturing facilities across countries including the U.S., Canada, France, Germany, the U.K., Mexico, Japan, China, and others, and relies on raw materials such as titanium, nickel alloys, aluminum, and specialty ceramics purchased through competitively priced supply arrangements.

Howmet holds a substantial intellectual property portfolio, including roughly 940 granted patents, 215 pending patent applications, about 1,470 registered trademarks, and 116 pending trademark applications, with notable brands including Howmet®, Huck®, and Dura-Bright®. The company faces intense competition from firms such as Berkshire Hathaway's Precision Castparts, VSMPO, Allegheny Technologies, Lisi Aerospace, Aubert & Duval, and various wheel manufacturers including Accuride and Speedline, while maintaining market leadership through technological expertise and long-standing customer relationships. Howmet emphasizes workforce diversity, employee development, safety culture, and maintains multiple collective bargaining agreements domestically and internationally, including with the UAW at its Whitehall, Michigan and Cleveland, Ohio facilities.