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Alcoa and ACX Technologies Sign Letter of Intent PITTSBURGH--August 23, 1999--
Alcoa Inc. (NYSE: AA) and ACX Technologies, Inc. (NYSE: ACX) have signed
a letter of intent for Alcoa to buy Golden Aluminum Company, a
subsidiary of ACX, for $41 million.
Golden Aluminum's operations include a recently shuttered rolling
facility in San Antonio, Texas and a rolling facility in Ft. Lupton,
Colo. that currently employs about 200 people and produces up to 70
million pounds of coated and mill finish sheet per year.
Alcoa plans to reopen the shuttered San Antonio facility to continue the
company's development of slab-caster technology that is presently
underway at other Alcoa locations. Alcoa expects to convert that
facility into a non-can sheet commercial rolling mill.
"We have long had a commitment to the development of new casting
technologies," said Alain J.P. Belda, CEO of Alcoa, "and although the
technology at San Antonio has not been a commercial success, it presents
us with the opportunity to continue our development work and apply
Alcoa's existing knowledge to full-sized machinery."
Alcoa also said that upon completion of the transaction it plans to sell
the Ft. Lupton facility. "Ft. Lupton is not a fit for us," Mr. Belda
continued, "so we will be looking for a buyer for that facility."
The agreement is subject to regulatory approvals and is expected to
close before the end of 1999.
Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum and alumina. It is active in all major segments of the
industry: mining, refining, smelting, fabricating and recycling. Alcoa
has 215 operating locations in 31 countries. Revenues for 1998 were
$15.3 billion with record shipments of 3.95 million metric tons.