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Alcoa Sells Automotive Fastener Unit to Kaminski Holdings Group
PITTSBURGH--(BUSINESS WIRE)--Feb. 20, 2004--Alcoa (NYSE:AA) today announced it has sold its automotive fastener business to the Kaminski Holdings group. Terms of the deal were not disclosed.
The automotive fastener business has four facilities in North America (Livonia, Michigan; Medina, Ohio; Park Forest, IL; and Valparaiso, IN) and has approximately 560 employees. The sale is part of Alcoa's previously announced (January 2003) divestiture program to sell certain non-core businesses. Proceeds from the sale will be used to pay down debt.
Alcoa will continue to maintain its leading position in the aerospace fastener business.
The Kaminski Holdings group includes Continental/Midland, Jacobson Manufacturing, and MSD Stamping. These companies design, manufacture and market engineered metal fasteners, cold-formed parts and fastener assemblies for automotive manufacturers and suppliers, as well as selected industrial markets. In addition, it manufactures and supplies powder actuated tools.
Alcoa is the world's leading producer of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 120,000 employees in 41 countries. More information can be found at www.alcoa.com