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March 15, 2004
Alcoa Agrees to Sell Russellville and St. Louis Foil Facilities to JW Aluminum
PITTSBURGH--(BUSINESS WIRE)--March 15, 2004--Alcoa (NYSE:AA) today announced it has agreed to sell its Russellville, Arkansas and St. Louis, Missouri foil facilities -- Alumax Foils -- to JW Aluminum. Terms were not disclosed. The sale is expected to be completed by March 31, 2004.
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.
Alumax Foils manufactures aluminum foil for sale to converters, who further process the foil to be used in pharmaceutical packaging, foodservice and other flexible packaging, industrial tapes, insulation, and various other end-uses. The business is fully integrated, including casting capability, and sells foil from light to heavy gauge in a variety of widths. It's the third largest producer of foil in North America and employs approximately 300 people at the two facilities.
JW Aluminum is a leading producer of specialty, flat-rolled aluminum products, including bare and coated fin stock, building and distributor sheet, automotive heat shields, cable wrap, litho sheet and converter foil products. In December 2003, JW Aluminum became a member of the Wellspring Capital Management LLC family of companies.
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