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Latasa To Be Sold To Rexam For Enterprise Value of $462 Million
PITTSBURGH--(BUSINESS WIRE)--Oct. 31, 2003--Alcoa today announced
that Latas de Aluminio, S.A. (Latasa), an aluminum can business based
in Sao Paulo, Brazil has been agreed to be sold to Rexam for $355
million and the assumption of debt, or an enterprise value of
approximately $462 million. Latasa is 37% owned by Alcoa, 39% owned by
Bradesco Seguros, S.A., 12% by J.P. Morgan International Capital
Corporation and 12% by others. Alcoa is the managing partner of
Latasa. The transaction is expected to be completed by the end of
November 2003 and is subject to the completion of traditional
conditions and a rights issue by Rexam that will be used to finance
part of the acquisition.
In 2002, Latasa had approximately $400 million in sales. It
operates six facilities in Brazil, one in Chile and another in
Argentina.
Rexam is a leading global beverage can maker and the leading
producer in Europe. With 16 facilities in Europe and 22 in America and
joint ventures in other key regions, Rexam is well positioned to serve
global customers.
The sale is part of Alcoa's divestiture program announced in
January. Proceeds from the sale will be used to pay down debt. Alcoa
holds its stake in Latasa through Reynolds Inc., subsidiaries.
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 as a single solution to customers.
In addition to aluminum products and components, Alcoa also markets
consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R)
wheels, and Baco(R) household wraps. Among its other businesses are
vinyl siding, closures, fastening systems, precision castings, and
electrical distribution systems for cars and trucks. The company has
127,000 employees in 41 countries. For more information go to
www.alcoa.com
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