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Alcoa Completes Sale of Home Exteriors Business to Ply Gem Industries
NEW YORK--(BUSINESS WIRE)--Alcoa announced today that it has completed the previously announced
sale of its Home Exteriors business to Ply Gem Industries, Inc., for
$305 million in cash.
Alcoa announced its plan to divest the home exteriors business because
it no longer fit with its core global building and construction business
portfolio. The business has 1,400 employees and had 2005 revenues of
approximately $600 million. The sale includes manufacturing facilities
in Atlanta, Ga.; Denison, Texas; Gaffney, S.C.; Sidney, Ohio; and
Stuarts Draft, Virginia.
The company expects to record an after-tax gain on the sale of between
$80 and $90 million in the fourth quarter. Alcoa will use the proceeds
to pay down debt and fund growth projects. Lehman Brothers served as
financial adviser 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® 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