Howmet Aerospace's CEO said on Tuesday the company is prioritizing long-term deals as it sees fresh demand from customers after a major fire at a Philadelphia-area parts factory hit supply, roiling an industry set to make more planes. Howmet CEO John Plant told Bank of America's Global Industrials Conference that the supplier would invest in growing capacity for customers that will give it long-term business. The days-long fire at SPS Technologies' century-old factory in February, which produced specialized fasteners for planes, is putting pressure on the industry's already strapped supply chain. 'I have no interest in taking these costs on to only have to delete them later in the year,' Plant said. 'That doesn't make economic sense at all.' (Reporting By Allison Lampert and Nathan Gomes)

Howmet favors long-term deals as demand swells for parts after U.S. factory fire -March 18, 2025 at 11:38 am EDT

Howmet Aerospace's CEO, John Plant, emphasized the company's focus on long-term contracts in response to increased demand for parts following a major fire at SPS Technologies' factory in Pennsylvania. The fire, which occurred in February, highlighted the strained supply chain in the aerospace industry, prompting Howmet to invest in growing its capacity for key customers.