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Alcoa Restructures Salaried Workforce in the Quad Cities
RIVERDALE, Iowa--(BUSINESS WIRE)--March 8, 2005--Alcoa (NYSE:AA) today announced that it will restructure its salaried workforce in the Quad Cities during the next 10 days. The restructuring will result in a salaried workforce reduction of approximately 20 percent. At this time hourly workforce reductions are not anticipated.
"The reorganization will bring us more in line with our competitors," said Mick Wallis, President - North American Mill Products. "We must become leaner, more nimble, and able to change faster. The pace for improving our business is at a much higher rate than ever before, and all of us at Alcoa must feel an intense sense of urgency to meet the challenges before us."
The final determination and communication of the changes will be made by mid-March.
In addition to the salaried reduction, a hiring freeze for all employees has been in effect since December. "During 2004 Alcoa's Davenport Works hired nearly 400 new production employees to better meet increased demand from customers," explained Mark Vrablec, Director of Manufacturing. "Orders for products we make in the Quad Cities are strong, but our cost structure is still too high to be as competitive as we need in order to survive in this globally competitive environment."
Career Transition and Employee Assistance Program services will be provided to affected employees in addition to any separation package they qualify for based on company eligibility requirements.
The last workforce reduction at Alcoa Davenport Works was in January of 2002. At that time, the plant reduced its employment levels by 221 employees due to weak demand for aerospace products following the attacks of 9/11.
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.