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Alcoa Completes Acquisition of Main Aluminum Businesses of Inespal, Spain's State-Owned Aluminum Company
PITTSBURGH--February 6, 1998--
Alcoa today completed the acquisition of the main sectors of the
aluminum businesses of Inespal, S.A., Spain's state-owned aluminum
producer, under terms of an agreement reached July 29, 1997, with
Inespal's owner, the State Entity for Industrial Participations (SEPI).
The acquisition was approved by the European Commission last month.
Alcoa will pay approximately US$410 million for the stock of
substantially all of Inespal's businesses. Inespal has annual revenue of
approximately US$1.1 billion.
The businesses Alcoa is acquiring are: an alumina refinery at San
Ciprian, with a capacity of 1.1 million metric tons per year (mtpy);
three primary aluminum smelters, at San Ciprian, La Coruna, and Aviles,
with combined capacity of 365,000 mtpy; three rolling mills, at
Amorebieta, Alicante and Sabinanigo, with combined capacity of 220,000
mtpy; two extrusion plants, at Noblejas and La Coruna, with combined
capacity of 29,000 mtpy; and an administrative center in Madrid.
Founded in 1888, Alcoa is the world's leading producer of aluminum and
alumina and a major participant in all segments of the industry: mining,
refining, smelting, fabricating and recycling. Alcoa serves customers
worldwide in packaging, automotive, aerospace, construction and other
markets with a great variety of fabricated and finished products. The
company has 186 operating locations in 28 countries.