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April 13, 2006
Alcoa to Sell Home Exteriors Business
NEW YORK--(BUSINESS WIRE)--April 13, 2006--Alcoa (NYSE:AA) today announced that it plans to divest its Alcoa Home Exteriors business which manufactures and markets premium products for the residential construction and remodeling markets in the United States. The business has 1,400 employees, had revenues of approximately $600 million in 2005, and its products include certified vinyl siding, soffit, fascia and trim as well as railing for decks.
"The Alcoa Home Exteriors business is a solid performer with good returns, but it no longer fits with our core global building and construction business portfolio," said Alain Belda, Alcoa Chairman and CEO.
Alcoa Home Exteriors is among the nation's premier building products manufacturers, offering a portfolio of more than 14,000 products, serving all 50 states and selected markets. Today, one of every four homes with vinyl siding uses Alcoa or Mastic(R) siding.
Alcoa Home Exteriors manufacturing facilities are located in: Atlanta, GA; Denison, TX; Gaffney, SC; Sidney, OH; and Stuarts Draft, VA. Lehman Brothers will serve as advisor to Alcoa on the transaction.
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 129,000 employees in 42 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com