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Alcoa to Purchase Reynolds' Extrusion Plant in Irurzun Spain PITTSBURGH, Pa., and RICHMOND, Va.--December 22, 1998--
Alcoa and Reynolds Metals Company announced today that they have signed
a definitive agreement for Alcoa to purchase Reynolds' aluminum
extrusion plant in Irurzun, Spain as well as its distribution operation
for architectural systems, which has warehouses in several cities in
Spain. The Irurzun plant has the capacity to produce 22,000 metric tons
per year of soft alloy extrusions for use primarily in industrial and
residential building applications throughout Europe. Both operations
employ approximately 280 people. Terms were not disclosed. The
extrusions business will become a part of Alcoa Europe, one of Alcoa's
Completion of the transaction is subject to all necessary government and
regulatory authority approvals and completion of certain closing
conditions. The transaction is expected to be completed by the end of
the first quarter 1999.