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Alcoa Completes Soft-Alloy Joint Venture with Sapa
NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) announced today that it has completed the creation of
its soft-alloy extrusion joint venture with Sapa Group, part of
Norwegian conglomerate Orkla ASA. The joint venture involves the
contribution of Alcoa's soft-alloy extrusion business into a joint
venture company, Sapa AB, which will be the world’s
largest aluminum profile company with annual sales of approximately $4.5
billion and 12,000 employees. The new company is majority owned and
operated by Sapa, based in Stockholm, Sweden.
Last November, Alcoa announced its plan to fold its soft-alloy business
into a joint venture company with Orkla, with the intention of
eventually offering an IPO of the combined entity. Alcoa has 22
soft-alloy extrusion facilities in eight countries with 6,400 employees.
Sapa Profiles has 18 facilities in 12 countries.
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 including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 122,000 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