Posted on 11/22/2006 5:39:38 AM PST by Hydroshock
NEW YORK (Reuters) -- Aluminum producer Alcoa Inc. announced a restructuring of its product operations on Tuesday that will include plant closings and could ultimately result in a 10 percent reduction of its worldwide work force.
About 6,700 jobs will be cut in the next year and a further 6,400 jobs will be moved into a joint venture with Norway's Orkla ASA with the intent eventually to spin it off, the Pittsburgh-based company said.
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The restructuring program is expected to save $125 million per year before taxes, said Alcoa, which currently employs 129,000 people globally.
Alcoa said it has a letter of intent with Orkla ASA's Sapa Group to form a joint venture to combine its soft alloy extrusion business - in which aluminum is molded into various shapes for products such as furniture - with Sapa's extruded aluminum business.
The venture will be majority owned by Orkla and operated by Sapa and is expected to be set up by the end of the first quarter next year, subject to approvals
(Excerpt) Read more at money.cnn.com ...
Do you know how many in Texas will be affected? We've got friends who work for Alcoa.
Sorry, no clue.
Sorry, couldn't let that one go
Drats, foiled again!
Don't worry, I'm sure newly elected Democrat Bob Casey will have plenty of answers.
Labor unions--NOT REPUBLICANS--is the story between the lines here.
AL prices are w/in 7% of their all-time inflation-adjusted highs right this minute. AL is an excellent business to be in at this point, probably will continue to be for at least a couple of years.
Wish something could be done with the teacher's unions, and, with all due respect, the police and firefighter unions, as well.
Please, let’s put a lid on that.
I guess we all know Willie Greens new screenname now.
My husband worked in a factory here in Ga. for 22 years. Alcoa Food Packaging bought them out the last 5 years he was there. As soon as they bought the factory they put a freeze on all raises. Then one day my husband went to work, and they annouced they were shutting down, not selling the plant to another company, just shutting down. They gave all 81 employees 3 months notice, severance pay, and closed down at the end of the three months. This was not a labor run plant. This happened about a year and a half. My husband now has a better paying job,and I guess we look at it as a blessing in disquise, as these people treated their employees poorly.
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