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Alcoa and Silgan Holdings Sign Letter of Intent for Silgan to Acquire Alcoa's Richmond Facility PITTSBURGH--March 17, 1997--
Alcoa and Silgan Holdings Inc. of Stamford, Conn., have signed a letter
of intent for Silgan to acquire the assets of Alcoa's Richmond, Ind.,
aluminum closure business, which is part of the Alcoa Closure Systems
International business unit. The 1996 revenue of the Richmond aluminum
closure business was approximately $45 million.
Silgan Holdings is a leading North American manufacturer of consumer
goods packaging products with 1996 revenues of $1.4 billion.
Alcoa is the world's largest aluminum producer, with 1996 revenues
totaling $13 billion. The company has 170 operating locations in 28
Terms of the letter of intent were not disclosed, and completion of the
transaction will be subject to the successful negotiation by the parties
of a definitive asset purchase agreement.