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August 17, 2004
Alcoa to Close Northwood, Ohio Facility
PITTSBURGH--(BUSINESS WIRE)--Aug. 17, 2004--Alcoa today announced that it will close its Northwood, Ohio automotive components facility by the end of 2004 due to excess capacity. The company will continue to service automotive customers with products that enhance the performance, safety, comfort and convenience, and styling of its customers' vehicles. The closing will impact approximately 140 employees.
"The decision to close this facility was a difficult one and in no way reflects negatively on the efforts of our dedicated workforce," said Eric Winter, vice president, Operations & Engineering for Alcoa Advanced Transportation Systems (AATS). "Unfortunately, the excess capacity in our system and the specific capabilities of this facility made this move necessary.
"Alcoa has aggressive growth objectives for AATS and remains committed to develop technologies and solutions for the automotive and commercial transportation industry. We are working with our customers to insure supply and service is not impacted during this consolidation," said Winter.
Impacted employees will receive outplacement packages, which include severance and benefits continuation, to be negotiated with bargaining unit where applicable.
Alcoa will incur pre-tax charges of approximately $7.0 million related to the closure of the facility, of which approximately $3.0 million will be recorded in the 2004 third quarter. The company will work with community and state officials to ease the impact of the closing, including working to find a buyer for the facility that could retain jobs locally.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, 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 42 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com