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Alcoa, BHP Billiton Complete Sale of Integris Metals To Ryerson Tull for $644 Million
NEW YORK--(BUSINESS WIRE)--Jan. 4, 2005--Alcoa Inc. (NYSE:AA) and BHP Billiton today announced they have completed the previously announced sale of their respective equity interests in Integris Metals to Ryerson Tull for $410 million in cash plus assumption of Integris' debt, which was approximately $234 million. Alcoa and BHP Billiton each own 50% of Integris Metals.
Integris Metals, a metals service center company engaged in the processing and distribution of metals, was formed in November 2001 through the combination of Reynolds Aluminum Supply Company (RASCO) and North America Metals Distribution (NAMD), Inc., the metals distribution businesses of Alcoa and BHP Billiton, respectively. Integris Metals has approximately 2400 employees. The shareholders' stated strategic intent was to create value through the combination of RASCO and NAMD and then exit the business, when appropriate, as the metals distribution business was not core to either shareholder.
Alcoa and BHP Billiton were advised in the transaction by Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.