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March 8, 2001
Alcoa Signs Letter of Intent to Acquire Gentek Building Products
PITTSBURGH AND TORONTO--March 8, 2001--
Alcoa Inc. and Genstar Capital Corporation jointly announced today that
they have signed a letter of intent for Alcoa to acquire Gentek
Holdings, Inc. of Cleveland, Ohio, and its Gentek Building Products
subsidiaries. Genstar Capital Corporation is the majority shareholder of
Gentek Holdings, Inc. The transaction, which is subject to completion of
due diligence and customary regulatory and other approvals, is expected
to close mid-year 2001. Terms of the deal were not disclosed. Gentek
will become part of Alcoa Building Products Inc.
Gentek operates five manufacturing facilities in Canada and the U.S.:
Pte. Claire, Quebec; Lambeth and Burlington, Ontario; Woodbridge, New
Jersey; and Richmond, Virginia. The company also operates a number of
distribution centers in Canada and the U.S.
"Gentek has developed from a leading North American manufacturer and
distributor of residential aluminum siding into a world class
manufacturer and distributor of vinyl siding under Genstar Capital's
ownership. Our vinyl siding business is complemented by a full range of
aluminum and steel siding, as well as vinyl windows," said Ken Waldron,
President and Chief Executive Officer of Gentek. "We look forward to
being part of a larger company that has our same dedication to quality,
innovation and customer values."
Gary Acinapura, President of Alcoa Building Products Inc., (ABP) said,
"We are excited about an opportunity which so closely aligns with our
overall strategy. We intend to support Gentek's Gentek® and Revere®
brands -- two strong brands that we believe have been fundamental to
Gentek's success. They will complement the already strong position of
our Alcoa and Mastic® brands. Further, this acquisition supports ABP's
focus on North American growth by gaining a presence in the Canadian
market, and supports our objective of profitably doubling our sales
volume in the next three years. We believe that the combination of these
businesses will provide strong opportunities for employees from both
companies. We will be working hard to promptly complete the acquisition
to add such a quality company to Alcoa's building products business, and
integrate the business as quickly as is possible," Acinapura said.
Genstar Capital is a private equity firm. Gentek Building Products is a
North American manufacturer, marketer and distributor of residential
siding and related products.
Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum and alumina. Alcoa Building Products is one of the world's
leading suppliers of premium performance siding and a complete line of
low-maintenance exterior products for the home. Alcoa Building Products
operates five manufacturing facilities in the U.S.: Stuarts Draft,
Virginia; Gaffney, South Carolina; Sidney, Ohio; Denison, Texas and
Joyce A. Saltzman
Richard D. Paterson
R. Kenneth Waldron
Gentek Building Products, Inc.
Charles D. McLane