Posted on 12/31/2004 7:43:52 PM PST by Destro
Associated Press
Alcoa Gets Russia OK for Plant Purchases
12.31.2004, 10:21 AM
Alcoa Inc., one of the world's largest aluminum producers, said Friday that it received final approval from the Russian government to buy controlling interests in two factories from the country's main aluminum maker, Rusal.
Alcoa did not disclose financial terms of the deal, which includes the Samara Metallurgical Plant in the Volga River region and the Belaya Kalitva Metallurgical Plant in the Rostov-on-Don region. The Pittsburgh-based company said it expects the purchase to close at the end of January.
Alcoa said the government approved the deal after the company agreed to maintain the capability to supply certain Russian domestic needs through continued production at the two plants. Alcoa said the factories will serve both the Russian market and customers in Europe, Asia and the Americas.
Moscow-based Rusal said the sale will help the company keep its focus on upstream and alloy production, along with expanding access to raw materials.
Alcoa has operations in 43 countries and employs about 120,000 people. Shares were up 15 cents at $31.60 in morning trading on the New York Stock Exchange.
Thanks for the tip.
Alcoa has moved some (or all) of it's Michigan plants to Mexico...
I'm putting all my money into aluminum in 2005......
Government controls, laws and regulations have caused businesses to leave and go all the way to Russia.
Sorry, those are the locations of Alcoa operations in the USA. There is one tel-com operation in OR and some in WA.
http://www.alcoa.com/usa/en/home.asp
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