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PITTSBURGH--(BUSINESS WIRE)--Feb. 15, 2005--Alcoa (NYSE:AA) today announced its intention to exit the Alcoa Lingotes Castings Ltd. (ALC) joint venture established in 2000 to produce specialty cast components for the automotive industry. Alcoa, the majority partner in the venture, will pursue an aggressive plan to sell ALC.
ALC's sole operating location is in Leyland, England, and employs approximately 110 people.
After an assessment of the product offerings and technology portfolio of ALC, Alcoa concluded that these operations no longer fit strategic objectives.
ALC intends to continue normal operations during the sale and transition period in order to meet current customer commitments. Alcoa, from a financial reporting standpoint, will include this business in discontinued operations when reporting its results while the sale of the business is pursued.
Alcoa will continue to operate and own its leading automotive casting business with operations in North America and Europe.
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 131,000 employees in 43 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