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October 30, 2006

Ferrari Joins Alcoa in Opening New Spaceframe Manufacturing Plant

MODENA, Italy, & NEW YORK--(BUSINESS WIRE)--Alcoa announced today that it has opened its new automotive assembly plant in Modena, Italy. The new facility covers more than 5,000 square meters and features state-of-the-art manufacturing technology. The plant, which employs 75, required an investment by the world’s leading aluminium producer of more than one million euros.

Alcoa is the sole supplier of aluminium spaceframes for the Ferrari F430, 612 Scaglietti and 599 GTB Fiorano. The company’s expanded plant replaces its former facility, which was located in Ferrari’s Scaglietti Works, also in Modena.

In addition to community leaders from Modena and the Emilia Romagna region, the opening was attended by Alain Belda, Alcoa’s Chairman and Chief Executive Officer, and Luca di Montezemolo, Ferrari’s President. Both leaders agreed the new facility represents a further strengthening of the strategic partnership between the two companies.

“Our partnership covers more than a decade,” Mr. Belda said. “Alcoa spaceframes have proven themselves to be key enablers of Ferrari’s long-term strategy of making all their cars in aluminium in order to guarantee continuous improvement in safety, comfort and dynamic performance.”

Mr. di Montezemolo commented on the development of the relationship between the two companies. “Our partnership is evidence of how two companies can come together, pull the best ideas from one another and translate them into new products and technologies. Today, Alcoa is for Ferrari a strategic partner and the experience in technical research and engineering of the two companies shows a strong future for both.

“The continuous growth of Alcoa as an industrial presence in Italy is also very positive. Their confidence in our country has been clear since their acquisition in Alumix in 1996,” Mr. di Montezemolo concluded.

Mr. Belda added that Alcoa’s investment in Italy is now approaching 300 million dollars. “Alcoa today has six operating locations in Italy, including two smelters, a rolling mill and three extrusion plants. Our direct employment is more than 1,900 people and indirect nearly 4,000.

“Alcoa sees Europe, in general, and Italy, in specific, as an excellent opportunity for growth of our most sophisticated products. The Modena plant will not only be an example of high-technology aluminium for Alcoa, but for Modena, Emilia Romagna and Italy, as well,” Mr. Belda concluded.

Misha Riveros-Jacobson, president of Alcoa Auto and Truck Structures, the Alcoa business operating the Modena plant, told the audience that the plant features two, high-speed robotic machining centers, two robotic joining centers and 12 spaceframe assembly cells.

“Our employees are highly-skilled in manufacturing and assembly technologies,” Ms. Riveros-Jacobson noted. “The quality, precision and performance of our products reflect their combined skills.”

“The opening of our plant gives Alcoa a greater presence in Modena and a chance to demonstrate our vision and values as a member of this community. We are pleased about our new role in Modena and in the region, as well,” Ms. Riveros-Jacobson concluded.

About Alcoa

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® foils and plastic wraps, Alcoa® wheels, and Baco® household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 44 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