Norsk Titanium Announces Strategic Investment from an Affiliate of Fortress Investment Group
Norsk Titanium closes significant investment by Triangle Holdings LP, an affiliate of Fortress Investment Group
OSLO, NORWAY — June 12, 2017 — Following the recent announcement by metal additive manufacturing innovator Norsk Titanium AS that it will deliver the world’s first FAA-approved, 3D-printed, structural titanium components to Boeing, Norsk Titanium today announced it has closed on a significant investment from Triangle Holdings LP (“Triangle”), an aerospace investment company owned by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”). Triangle has invested over $1.2 billion in aircraft and aerospace related assets since its formation in 2011. Terms of the investment were not released.
“This strategic investment from Triangle Holdings allows Norsk Titanium to extend our Rapid Plasma Deposition™ capability fully into the commercial aerospace sector and beyond that— and accelerates its revolutionary changes to metal manufacturing process forever,” said Norsk Titanium Chairman of the Board John Andersen, Jr. “The capabilities of Triangle and its affiliates are extraordinary, and the ambition demonstrated by this strategic investment will bring Norsk Titanium’s customers unprecedented application opportunities.”
“Our focus is on the integration of advanced technologies with smart production and Industrial Internet-of-Things, which will bring a unique set of competences to our platform technology,” said Norsk Titanium President & Chief Executive Officer Warren M. Boley, Jr. “The fourth industrial revolution is being designed by corporations and individuals who display great vision and bold execution, and I am immensely proud to add Fortress as a partner on this ambitious journey.”
“Based on a Strategic Cooperation Memorandum, our investment in Norsk Titanium reflects our strategy of investing in game-changing businesses across the aerospace sector,” said Jeremy Barnes, a partner in Triangle. “We look forward to working with Norsk Titanium on proliferating its RPD™ technology.”
In March 2017, Norsk Titanium announced that it will deliver the world’s first FAA-approved, 3D-printed, structural titanium components to Boeing, and in July 2016 announced a $125M state investment to build the world’s first industrial scale metal additive manufacturing plant in Plattsburgh, New York. The Dreamliner RPD™ components will be on display at the International Paris Airshow, Le Bourget June 19–25, 2017 at Norsk Titanium’s booth in Hall 1, Space H299, along with a full-scale mock-up of the company’s patented MERKE IV™ Rapid Plasma Deposition™ machine that produced the pioneering structural parts.