Under the terms of the renewed contract, Albany Engineered Composites will continue supplying approximately 300 unique composite frames. This production scope covers forward sections 41 and 43, as well as aft section 47. The company has maintained its involvement with these specific sections since Boeing issued the original contract in 2014.
In section Market Quotes
Albany International Shares Climb on Boeing 787 Contract Extension
Shares of Albany International jumped 6% to $62.27 on Tuesday following an agreement to extend its manufacturing partnership with Boeing. The deal secures the company's role as a key supplier for the 787 Dreamliner’s composite fuselage frames, a critical component of the aircraft's structural assembly produced at their Salt Lake City facility.
The market reacted sharply to the news, pushing the stock up 23% for the year to date. Analysts at Baird responded to the announcement by lifting their price target for Albany International from $64 to $75 per share, though they maintained a neutral rating on the stock.
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