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March 17, 1997

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 countries.

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.