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October 3, 2005
Alcoa Completes Sale of Four Railroads to RailAmerica for $77.5 Million in Cash; Signs Long-Term Service Agreements for Alcoa Plants
PITTSBURGH--(BUSINESS WIRE)--Oct. 3, 2005--Alcoa (NYSE:AA) announced today that it has finalized the sale of four railroads to RailAmerica Transportation Corp., a subsidiary of RailAmerica Inc. (NYSE:RRA) for a purchase price of $77.5 million in cash. As part of the transaction, Alcoa and RailAmerica have entered into long-term service agreements under which RailAmerica will continue to provide services to Alcoa facilities that currently rely on the railroads.
The railroads acquired by RailAmerica are:
-- Bauxite & Northern Railway Co. (BXN) in Bauxite, Ark.
-- The Massena Terminal RR Co. (MSTR) in Massena, N.Y.
-- Point Comfort & Northern Railway Co. (PCN) in Point Comfort, Texas and
-- Rockdale, Sandow & Southern RR Co. (RSS) in Sandow, Texas
The railroads serve Alcoa operating locations in Massena, Point Comfort, and Rockdale, Texas, as well as a former Alcoa specialty chemicals facility in Bauxite, now owned by Almatis. The transaction will enable Alcoa to focus on its core capabilities and markets, with the proceeds from the sale going to pay down debt.
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