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Alcoa To Appeal Western Australian Stamp Duty Assessment
PITTSBURGH--(BUSINESS WIRE)--Nov. 15, 2005--Alcoa (NYSE:AA) today said it will appeal a stamp duty assessment it has received from the Western Australian Office of State Revenue regarding the sale of its share in the Worsley alumina refinery to BHP Billiton in 2001.
The assessment received this week, calls for Alcoa to pay approximately US$120 million in stamp duty on the transaction, payable within three months. The costs associated with the assessment will not have a material impact on the company's earnings. Alcoa will object against the assessment to the Western Australian Office of State Revenue and appeal to the Australian courts if necessary.
Alcoa was required by various competition authorities to divest its Worsley share following Alcoa's merger with Reynolds Metals Co. As part of the sale process Alcoa agreed to indemnify BHP Billiton against the potential stamp duty, which is imposed on buyers of real estate and companies considered to be land rich.
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