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Alcoa Signs Letter of Intent with Seohan Group To Form Automotive Castings Alliance
PITTSBURGH--(BUSINESS WIRE)--Sept. 29, 2005--Alcoa (NYSE:AA) announced today that it has signed a letter of intent (LOI) with Seohan Industries Co., Ltd. of Korea to form an alliance to produce cast aluminum chassis and suspension components and modules for the automotive industry in South Korea, Japan, China and Australia. Seohan is a manufacturer of automotive parts.
Under the agreement, Alcoa intends to license its Vacuum Riser-less and Pressure Riser-less Casting (VRC/PRC) technology and sell related production assets. Seohan will establish an aluminum castings plant in South Korea to supply OEMs in this part of the world with cast structural parts using Alcoa's proprietary technology. The LOI provides the framework for both companies to identify, develop and launch programs. When operational, the Seohan plant will compliment and expand Alcoa's current VRC/PRC aluminum casting capabilities in the United States and Europe.
"With ever increasing demand on safety and fuel economy and with consumers desiring superior driving performance, we project a significant increase in the use of aluminum castings in the critical chassis and suspension areas of the vehicle," stated Allen Zwierzchowski, President Alcoa Automotive Castings. "We are excited to be working with a proven supplier like Seohan in order to establish the VRC/PRC technology in Asia."
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 named one of the top three most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com