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| February 21, 2008
Significant Modernization Project at Alcoa Operations in Hungary Completed
SZEKESFEHERVAR, Hungary & NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) today announced the completion of a US$83 million, (Euro
70 million), major modernization investment project at Alcoa-Köfém,
its operations in Székesfehérvár,
Hungary. The project began in November 2005.
The core of the investment is the modernization of Alcoa European Mill
Products, which involves expanding brazing sheet capability to offer a
full range of gauges. Brazing sheet is used primarily in the automotive
and heat exchanger markets.
In addition, Köfém,
which has been producing forged aluminum wheels since 1997, began
production of Dura-Bright® aluminum wheels in
Hungary. Dura-Bright® is a patented surface
treatment that penetrates the wheels and helps keep them bright and
shiny, reduces overall labor costs and downtime, and protects the wheels
from oxidation and corrosion. Dura-Bright®
wheels are available for a broad range of applications including trucks,
trailers and buses. This state-of-the-art technology is deployed by
Alcoa only in its Hungarian operation, outside the American continent.
The third leg of the investments is the opening of a new manufacturing
operation for airfoil castings, supporting the Alcoa Power & Propulsion
business unit’s growing jet aircraft and
industrial gas turbine business in Europe.
"The modernization project yields in shifting Köfém’s
product-mix to a range of higher value-added products, thereby
underpinning its competitive operation. It strengthens Alcoa's presence
in Europe and its long-term strategic investment in Hungary," said Bela
Forgo, Country Manager Hungary and General Manager, Alcoa-Köfém.
The investments received non-refundable government support and created
nearly 200 new jobs.
Alcoa in Hungary
Alcoa Hungary produces extrusion and rolling ingots, flat rolled
products, automotive structures, truck bodies, wheels for trucks and
buses, plastic closures, fasteners for the aerospace industry,
processing components for jet aircraft and super alloy industrial gas
turbines, as well as wire harnesses for the automotive industry. Alcoa
is the sixth largest investor in Hungary and the second largest among
U.S. investors in the country. It ranks 14th
based on revenues, and 17th as employer, with
5,000 jobs.
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 Alcoa®
wheels, fastening systems, and precision castings. The company has
107,000 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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