Hayden Puff ’25 pitched Howmet Aerospace (NYSE: HWM) on April 21, 2025. Howmet is a global provider of advanced engineered solutions for the aerospace and transportation industries. The company specializes in jet engine components, fastening systems, airframe structures, and forged aluminum wheels. Originally founded as Alcoa Inc. in 1907, the company became Howmet Aerospace in 2020 following a series of corporate restructurings. Headquartered in Pittsburgh, Pennsylvania, Howmet operates in 19 countries, with 71% of its 2024 sales generated in North America. The company’s components are found throughout commercial and defense aircraft—from turbine blades and airfoils to titanium seat tracks and fasteners. Its customer base includes leading OEMs such as GE Vernova, Safran, RTX Corp, Lockheed Martin, Boeing, and Airbus.
Hayden’s investment thesis emphasized Howmet’s mission-critical role in both the commercial aerospace and industrial gas turbine (IGT) supply chains. Howmet benefits from a record 8.5-year backlog and rising aircraft production by Boeing and Airbus, who are working to clear a global order book of over 17,000 aircraft. Howmet is the world’s largest producer of IGT blades, supplying customers like GE Vernova, Siemens, and Mitsubishi Heavy Equipment amid soaring electricity demand driven by AI data centers. Its contracts include metal cost pass-through provisions, protecting margins from raw material volatility. Howmet has developed 90% of the aluminum alloys that have flown and works directly with OEMs to tailor solutions to aircraft and energy system requirements.
SMIF voted to purchase approximately $60,000 of HWM, funded through the sale of WM.
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