Alcan Completes Sale of its Ferroalloy Division
02.06.2005 / 08:50 / Rubriek: Informatief / Organisatie: Alcan
Dit is een origineel persbericht.
Alcan Completes Sale of its Ferroalloy Division
MONTREAL, Canada, June 2/PRNewswire/ --
Alcan Inc. (NYSE, TSX: AL) announced today that it has completed the
sale of its ferroalloy division, Pechiney Electrométallurgie (PEM), to
Ferroatlantica, S.L., a leading European ferroalloys and independent
electrical power producer based in Spain. Initially announced in
December 2004, the transaction will generate net proceeds, net of
closing adjustments, of approximately Euro 120 million.
'We are pleased to have completed the sale of Pechiney
Electrométallurgie. At Ferroatlantica, PEM has found a good home and
we wish the business future success,' said Cynthia Carroll, President
and Chief Executive Officer, Alcan Primary Metal Group. 'The
completion of this sale is aligned with Alcan's objective of focusing
on our primary aluminium business,' she added.
This transaction was subject to the consultation of French workers
representatives and merger control clearance from Spanish, German, US
and South African competition authorities.
PEM employs more than 1,200 people in France and South Africa and
recorded net sales of approximately Euro 300 million in 2004.
Alcan is a multinational, market-driven company and a global leader in
aluminium and packaging, as well as aluminium recycling. With
world-class operations in primary aluminium, fabricated aluminium as
well as flexible and specialty packaging, aerospace applications,
bauxite mining and alumina processing, today's Alcan is well
positioned to meet and exceed its customers' needs for innovative
solutions and service. Alcan employs 73,000 people and has operating
facilities in 55 countries and regions.
Source: Alcan Inc.
Media Contact: Anik Michaud, +1-514-848-8151,
media.relations@alcan.com; Investor Contact: Corey Copeland,
+1-514-848-8368, investor.relations@alcan.com