Arconic Fastening Systems plans a $45 million upgrade of its plant in Waco, TX, the Waco Tribune-Herald reports.

“The Waco City Council has endorsed Arconic’s request to participate in the Texas Enterprise Zone program that could allow the plant to receive a $2,500 rebate for each of its 403 employees,” writes Mike Copeland of the Tribune-Herald.

The Governor’s Office for Economic Development and Tourism must approve the request for Arconic to receive sales tax rebates on $41.3 million in equipment and machinery upgrades, as well as $3.5 million in facility improvements.

Arconic, which includes Alcoa’s former $1.8 billion Fastening Systems and Rings business, has pledged to fill 35% of any vacancies with military veterans and the economically disadvantaged during its five-year agreement with the state.

Arconic had $13 billion in revenues in 2017 and employs about 1,550 people at five facilities in Texas, and more than 7,000 worldwide. Web: Arconic.com