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Alcoa Completes Sale of Automotive Castings Business
PITTSBURGH--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced it has completed the sale of its
automotive castings business to Compass Automotive Group, LLC, a
portfolio company of Monomoy Capital Partners, L.P. Compass Automotive
Group is a leading provider of aluminum and magnesium component
solutions to Tier 1 automotive suppliers. Terms of the sale were not
disclosed.
Alcoa announced its plan to divest the automotive castings business in
the third quarter of 2007. The business, which had 2006 revenues of
approximately $150 million, employs approximately 530 and has two
operating locations: Fruitport, MI (the Michigan Casting Center); and
Farsund, Norway (the Scandinavian Casting Center). Alcoa will continue
to operate its other automotive businesses globally, including its
facility in Soest, Germany.
Alcoa is continuing to pursue the sale of its Packaging and Consumer
business. The company has received strong indications from potential
buyers for that business, and plans to complete the transaction by late
2007 or early 2008.
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 Alcoa®
wheels, fastening systems, and precision castings. The company has
116,000 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
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