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August 2, 2000

Alcoa Acquires Southern Plastics, Inc.

INDIANAPOLIS, Ind.--August 2, 2000-- Alcoa today announced it completed the acquisition of Southern Plastics, Inc. Terms of the deal were not disclosed. Southern Plastics will become part of Alcoa Closure Systems International (CSI), the Alcoa business unit that produces aluminum and plastic closures for beverage markets.

"The acquisition of Southern Plastics, Inc. adds injection molding technology and access to important food and personal care markets to Alcoa CSI. It is an excellent fit with our overall strategy of offering customers a 'systems approach' encompassing closures, application machinery and technical service," said Ron Glah, President of Alcoa CSI, on announcing the acquisition. "This acquisition brings together two companies whose products and markets are perfectly complementary. By adding new technology and new markets of Southern Plastics, we are strengthening our reputation as a leader in closure design, application and service excellence."

Jim Eggers, President of Southern Plastics, added, "Both the customers and employees of Southern Plastics will immediately benefit from the global resources and marketing network of Alcoa CSI. I look forward to working with Alcoa CSI to serve new markets and to provide expanded opportunities for the employees of Southern Plastics."

Alcoa CSI operates 27 plants and sales offices in 22 countries. These facilities provide closures, packaging equipment and expert technical service to the soft drink, juice, bottled water, beer and isotonic markets.

Alcoa CSI's North American operations include plastic closure manufacturing facilities in Crawfordsville, Indiana; Olive Branch, Mississippi; Saltillo and Ensenada, Mexico; and Cartago, Costa Rica; a packaging equipment facility in Randolph, New York; and the Alcoa CSI Technical Center in Crawfordsville, Indiana. The company sales office and headquarters are located in Indianapolis, Indiana. This network of facilities will be further extended by the addition of Southern Plastics, Inc. plants in Kilgore, Texas and Shreveport, Louisiana. The combined company will employ more than 4,000.

Alcoa CSI is one of 26 business units of Alcoa, the world's leading producer of aluminum and alumina. Alcoa serves customers worldwide in packaging, automotive, aerospace, construction and other markets with a variety of fabricated and finished products. Alcoa has over 300 operating locations in 36 countries.

The Douglas Group, St. Louis, Missouri, served as advisors for this transaction.