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Alcoa Signs Memorandum Of Understanding To Acquire Dooray Air Metal's Extrusion Business
PITTSBURGH AND SEOUL--May 22, 2001--
Alcoa Inc. of the U.S. and Dooray Air Metal Co. Ltd. of Korea jointly
announced today that they have signed a memorandum of understanding for
Alcoa to acquire Dooray Air Metal’s extrusion business located in
Changwon, Korea. The Changwon facility produces hard alloy extrusions
for use primarily in industrial, transportation and defense
applications. The transaction, which is subject to completion of due
diligence and customary regulatory and other approvals, is expected to
close in late 2001. Terms of the deal were not disclosed.
Dooray Air Metal Co. Ltd. produces aluminum wheels, castings and
extrusion parts for automotive, aerospace, and defense applications in
the Korean domestic and export markets. It operates four manufacturing
facilities in Korea.
Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum and alumina. It is active in all major aspects of the industry
-- technology, mining, refining, smelting, fabricating and recycling. It
has 142,000 employees in 37 countries.
Joyce A. Saltzman
Sung Hee Jung
Dooray Air Metal
Charles D. McLane Jr.