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Alcoa Signs Agreement To Acquire Dooray Air Metal's Extrusion Business
PITTSBURGH AND SEOUL--December 11, 2001--
Alcoa Inc. and Dooray Air Metal Co. Ltd. jointly announced today that
they have signed a definitive asset purchase agreement for Alcoa to
acquire Dooray's aluminum extrusion assets located in Changwon, Korea.
The two companies signed a memorandum of understanding earlier this year
for Alcoa to acquire the Dooray assets.
The Changwon facility produces hard alloy extrusions, rod and bar,
extruded shape and tubing for use primarily in industrial,
transportation, defense and aerospace applications. It is the only
facility in Korea capable of producing aerospace hard alloy extrusion
products. Changwon employs approximately 200 people. The transaction,
which is subject to customary regulatory approvals from the Korean
government, is expected to close in early 2002. Terms of the deal were
Dooray Air Metal Co. Ltd. produces aluminum wheels, castings and
extrusions parts for automotive, aerospace, and defense applications in
the Korean domestic and export markets. It currently operates four
manufacturing facilities in Korea.
Alcoa is the world's leading producer of primary and fabricated aluminum
and alumina. It is active in all major aspects of the industry --
technology, mining, refining, smelting, fabricating and recycling. Its
aluminum products and components are used worldwide in aircraft,
automobiles, beverage cans, buildings, chemicals, and a variety of
industrial and consumer applications. Alcoa revenues totaled $22.9
billion in 2000 and it operates in 38 countries. The company's worldwide
performance standard is the Alcoa Business System, a set of system and
tools that provide a common language and transfer of knowledge across
businesses and geographies.
Joyce A. Saltzman
Sung Hee Jung
Dooray Air Metal
Charles D. McLane Jr.