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August 15, 2012
Alcoa to Sell Rockdale, TX Site to Lower Colorado River Authority
NEW YORK--Alcoa (NYSE AA) announced today that it has reached an agreement to sell
assets associated with Alcoa’s Rockdale, Texas site to the Lower
Colorado River Authority (LCRA). Terms of the deal were not disclosed.
The agreement includes approximately 34,000 acres of property, all
surface and groundwater rights, certain common plant and equipment
assets, and Alcoa’s power contracts with Luminant.
Alcoa will retain ownership of its smelter and aluminum powder
Subject to necessary approvals, consents and due diligence, the
transaction is expected to close by early next year, but can be extended
if required to complete due diligence.
Alcoa temporarily curtailed smelting operations at Rockdale in 2008, and
permanently closed two of six lines in January, 2012. The site currently
employs about 70 people mainly associated with the aluminum powder
Alcoa is the world’s leading producer of primary
aluminum, fabricated aluminum and alumina. In addition to inventing the
modern-day aluminum industry, Alcoa innovation has been behind major
milestones in the aerospace, automotive, packaging, building and
construction, commercial transportation, consumer electronics and
industrial markets over the past 120 years. Among the solutions Alcoa
markets are flat-rolled products, hard alloy extrusions, and forgings,
as well as Alcoa® wheels, fastening systems, precision and investment
castings, and building systems in addition to its expertise in other
light metals such as titanium and nickel-based super alloys.
Sustainability is an integral part of Alcoa’s operating practices and
the product design and engineering it provides to customers. Alcoa has
been a member of the Dow Jones Sustainability Index for ten consecutive
years and approximately 75 percent of all of the aluminum ever produced
since 1888 is still in active use today. Alcoa employs approximately
61,000 people in 31 countries across the world. More information can be
found at www.alcoa.com.
This release contains statements
that relate to future events and expectations and as such constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include those
containing such words as “anticipate,” “expect,” “plan,” “should,”
“will,” or other words of similar meaning. All statements that reflect
Alcoa’s expectations, assumptions or projections about the future other
than statements of historical fact are forward-looking statements.
Forward-looking statements are subject to a number of known and unknown
risks, uncertainties, and other factors and are not guarantees of future
performance. Important factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements include: (a) material adverse changes in aluminum industry
conditions, including global supply and demand conditions and
fluctuations in London Metal Exchange-based prices for primary aluminum,
alumina, and other products; (b) deterioration in global economic and
financial market conditions generally; (c) unfavorable changes in the
markets served by Alcoa; (d) Alcoa’s inability to complete or to realize
expected benefits from its divestiture of assets as planned and by
targeted completion dates, including the assets associated with the
Rockdale, Texas site, whether due to an inability to obtain necessary
consents or approvals or to complete due diligence reviews
satisfactorily, or due to unforeseen events or other reasons; and
(e) the other risk factors summarized in Alcoa’s Form 10-K for the year
ended December 31, 2011 and other reports filed with the Securities and
Exchange Commission. Alcoa disclaims any obligation to update publicly
any forward-looking statements, whether in response to new information,
future events or otherwise, except as required by applicable law.