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August 19, 2001
Alcoa and BHP Billiton Agree to Merge North American Metals Distribution Businesses
PITTSBURGH and MELBOURNE, AUSTRALIA--August 19, 2001--
Alcoa Inc. and BHP Billiton today announced agreement had been reached
regarding the merger of Alcoa's North American metals distribution
business, Reynolds Aluminum Supply Company (RASCO), with the BHP
Billiton Group's North American metals distribution business, Vincent
Metals Goods in the U.S. and Atlas Ideal Metals in Canada, collectively
known as (NAMD).
Alcoa and BHP Billiton will each own 50% of the independent company.
The combined company will have 3,000 employees and 90 metals
distribution service centers across North America. Combined revenues of
the distribution businesses would have been $2.1 billion for the fiscal
Chief executive officer of the new company, Harry Jones, said: "We
expect to find opportunities to leverage technologies and synergies in
processing equipment, information systems, engineering, technical
support and the expertise of our combined workforces." Mr. Jones is
currently CEO of NAMD.
Mike Goldberg, chief operating officer (COO) of NAMD, will be COO at
the new company. Everett Chesley, vice president of Finance at RASCO,
will be chief financial officer of the combined company.
Both shareholders as well as the executive management team are committed
to ensure that the new company benefits from strong leadership and
employee participation drawn equally from both companies.
Don Cowles, president of RASCO, noted that, "The metals
distribution/supply chain management industry is in a period of change.
We feel that combining RASCO with NAMD will result in the best outcome
for customers, employees, suppliers and owners." Mr. Cowles will chair
the integration committee made up of representatives from both companies.
The merger, subject to necessary regulatory approvals, is expected to
close in October 2001.
NAMD, headquartered in Minneapolis, Minnesota, is one of the largest
distributors of stainless steel and aluminum in North America, serving
more than 25,000 customers through 52 service centers in Canada and the
United States. BHP Billiton acquired NAMD in October 2000 as part of its
acquisition of Rio Algom Ltd.
RASCO is headquartered in Richmond Virginia and provides supply chain
management of aluminum, stainless steel and other specialty metals to
more than 15,000 customers through 38 locations across the United
States, Canada and Mexico. RASCO is an Alcoa company.