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October 14, 2002
Alcoa Receives EU Antitrust Clearance to Acquire Fairchild Fasteners
PITTSBURGH--(BUSINESS WIRE)--Oct. 14, 2002--Alcoa Inc. (NYSE:AA)
announced today that it has received antitrust clearance from the
European Union to complete its previously announced acquisition of
Fairchild Fasteners, a leading supplier of aerospace fasteners, from
The Fairchild Corporation. Fairchild Fasteners is one of the world's
premiere manufacturers of precision fastening systems and components.
Its products are used primarily in the construction and maintenance of
commercial and military aircraft.
Fairchild Fasteners will be combined with Huck, Alcoa's current
fastening systems business, expanding the company's technology and
product line to deliver greater value solutions to its customers.
Expansion of the fastening solution capability is an integral part of
combining Alcoa's design, products, technology, and assembly solutions
to significantly reduce the weight and cost of metallic airframe
structures and components. The combined business will have revenues of
approximately $1 billion. Of that amount, 60% represents sales to the
aerospace customers, 23% to commercial transportation, and 17% to
The transaction is expected to close in the fourth quarter of
2002, subject to the completion of customary approvals, consultation
with employee representatives and approval by The Fairchild
Corporation shareholders. Shareholders controlling in excess of a
majority of The Fairchild Corporation shares have agreed to vote in
favor of the transaction. The transaction was also subject to review
in the United States under the Hart-Scott-Rodino Act, and the waiting
period expired on September 6, 2002.
Fairchild Fasteners' major customers include Airbus, Boeing,
General Electric, Honeywell, Lockheed Martin, Northrop Grumman, United
Technologies, WESCO, Pentacon, and the U.S. government. Fairchild
Fasteners has 4600 employees and operates 15 primary manufacturing
facilities in the United States, Europe, and Australia.
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 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 consumer brands
including Reynolds Wrap(R) products, Alcoa(R) wheels, and Baco(R)
household wraps. Among its other businesses are vinyl siding,
closures, precision castings, and electrical distribution systems for
cars and trucks. The company has 129,000 employees in 38 countries.
Certain statements relate to future events and expectations and as
such constitute forward-looking statements involving known and unknown
risks, uncertainties and other factors that may cause actual results,
performance or achievements of Alcoa 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 the risk the
combination of the Fairchild Fasteners and Huck businesses will not
achieve the results expected and other risk factors summarized in
Alcoa's 2001 10-K report and other SEC reports.