Alcoa to sell UK castings

Alcoa plans to sell its UK Alcoa Lingotes Castings joint venture that it established in 2000 to produce specialty cast components for the automotive industry.

 

ALC’s sole operating location is in Leyland, England, and employs approximately 110 people.

 

After an assessment of the product offerings and technology portfolio of ALC, Alcoa concluded that the operation no longer fits its strategic objectives.

 

ALC intends to continue normal operations during the sale and transition period in order to meet current customer commitments.

 

From a financial reporting standpoint, the company will include the business in discontinued operations when reporting its results while the sale of the business is pursued.

 

Alcoa will retain its other automotive casting businesses in North America and Europe.

 

In January, the company announced that its full-year, 2004 income from continuing operations was $1.402 billion, or $1.60, up 33% from $1.055 billion, or $1.22, per diluted share, in the previous year.