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Alcoa Reaches Agreement To Sell Sherwin Alumina Refinery
PITTSBURGH--October 20, 2000--
Alcoa Inc. said today that it has reached an agreement to sell the
Sherwin alumina refinery located near Corpus Christi, Texas to BPU
Reynolds, Inc., a private investment company. Terms were not disclosed.
Alcoa acquired the Sherwin refinery as part of its acquisition of
Reynolds Metals Company in May 2000. The Sherwin refinery has a
production capacity of 1.6 million metric tons per year and its sale is
required under the U.S. Department of Justice (DOJ) regulatory approval
that cleared Alcoa's acquisition of Reynolds. The sale to BPU Reynolds
must be approved by the DOJ and is expected to close by November 30,
Bonita A. Cersosimo