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Alcoa Completes Acquisition of Dooray Air Metal's Extrusion Business
PITTSBURGH--(BUSINESS WIRE)--March 28, 2002--Alcoa Inc. announced
today that it has completed its acquisition of the aluminum extrusion
assets of Dooray Air Metal Co., Ltd., in Changwon, Korea. Terms of the
deal were not disclosed.
The Changwon facility produces hard alloy aluminum extrusions,
rod, bar, extruded shapes and tubing for use primarily in industrial,
transportation, defense and aerospace applications. It is the only
facility in Korea capable of producing aerospace hard alloy extrusion
products. The Changwon facility employs approximately 200 people.
Dooray Air Metal Co., Ltd., which will continue to exist as a
listed company on the Korea Stock Exchange, currently produces
aluminum wheels, castings and other products in the Korean domestic
and export markets from its remaining manufacturing facilities in
Alcoa is the world's leading producer of primary and fabricated
aluminum and alumina. It is active in all major aspects of the
industry -- technology, mining, refining, smelting, fabricating and
recycling. Alcoa revenues totaled $22.9 billion in 2001 and it
operates in 38 countries.