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Alcoa to Acquire Spanish Aluminum Producer Inespal MADRID--July 29, 1997--
Alcoa will acquire the main sectors of the aluminum businesses of
Inespal, S.A., Spain's state-owned integrated aluminum producer, under
an agreement signed here today with Inespal's owner, the State Entity
for Industrial Participations (SEPI).
Alcoa will pay approximately US$410 million for substantially all of
Inespal's businesses. Inespal has annual revenue of approximately US$1.1
Announcing the purchase agreement, Alcoa Chairman Paul H. O'Neill said,
"We expect Inespal to be a vibrant competitor in Spain, as well as in
European and global markets, and a full and complementary partner with
Alcoa's successful and growing operations in other parts of the world."
The businesses Alcoa is acquiring are:
» an alumina refinery at San Ciprián, with a capacity of 1.1 million
metric tons per year (mtpy);
» three primary aluminum smelters, at San Ciprián, La Coruña, and
Avilés, with combined capacity of 365,000
» three rolling mills, at Amorebieta, Alicante and Sabiñánigo, with
combined capacity of 220,000 mtpy;
» two extrusion plants, at Noblejas and La Coruña, with combined
capacity of 29,000 mtpy;
» an administrative center in Madrid; and
» related sales offices in Europe.
Alcoa is the world's leading aluminum producer, with 178 operating
locations in 28 countries.