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| March 28, 2002
Alcoa Raises Stake In Shibazaki To More Than 70%; Will Make Friendly Tender Offer For Remainder of Company
PITTSBURGH--(BUSINESS WIRE)--March 28, 2002--Alcoa Inc. (NYSE:AA)
today announced it has purchased an additional 20.3% stake, or 2.845
million shares, in Shibazaki Seisakusho Ltd., a Japanese manufacturer
of plastic and aluminum closures and caps for the beverage and
pharmaceutical industries, from The Furukawa Electric Co., Ltd., for a
total of approximately $17 million (approximately $6.02 or 800 yen per
share).
This private acquisition raises Alcoa's holding in Shibazaki to
70.8% from its original 50.5% investment in Shibazaki, which it has
held since 1979.
Alcoa also announced it will begin a tender offer under Japanese
law beginning March 29, 2002 for all of the approximately four million
remaining shares of Shibazaki that it does not own at the same price
of 800 yen per share, or a total of approximately $25 million, through
its wholly owned subsidiary, Alcoa Closures Holding Company LLC. The
tender offer price of 800 yen per share is supported by the Shibazaki
Board of Directors. The offer will expire at the close of business in
Tokyo on April 30, 2002. Following the offer, Alcoa intends to operate
the business with the current Shibazaki management and workforce.
"This increased investment in Shibazaki Seisakusho is a natural
extension of our original 1979 investment in this growing company,"
said Alcoa Chairman and CEO Alain Belda. "This step furthers our
strategy to grow revenues and profits in our packaging and consumer
businesses. Shibazaki has strong management, a well-deserved
reputation for excellence in customer service, and is well positioned
in the industry for the future."
Shibazaki, through its partnership with Alcoa, is a leader in
Japan in the closures and caps market. It had 2001 sales of
approximately $84 million (11 billion yen). The company has 330
employees, with most located at its manufacturing facility in Nogi,
Japan.
Alcoa is the world's leading producer of primary aluminum,
fabricated aluminum and alumina, and is active in all major aspects of
the industry. Alcoa's aluminum and components are used worldwide in
aircraft, automobiles, beverage cans, buildings, chemicals, sports and
recreation, and a wide variety of industrial and consumer
applications, including such Alcoa consumer brands as Alcoa wheels,
Reynolds Wrap(R) aluminum foil, and Baco(R) household wraps. Among its
related businesses are precision castings, vinyl siding, closures, and
electrical distribution systems for cars and trucks. It has 129,000
employees in 38 countries.
Forward Looking Statement
Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements
involving known and unknown risks and uncertainties that may cause
actual results, performance or achievements related to this
transaction to be different from those expressed or implied in the
forward-looking statements. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include Alcoa's inability to achieve the level of growth
anticipated by management, including possible increases in the cost of
doing business resulting from economic or competitive factors in
Japan, and other risk factors summarized in Alcoa's Form 10-K for the
year ended December 31, 2001.
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