Alcoa Corporation announced at the end of November last year, the sale of its rolling mill business, owned by Alcoa Warrick LLC, to Kaiser Aluminium Corporation for a total consideration of approximately $670 million.
The multinational expects to close the deal in the first quarter of the year. The mill is located at Warrick Operations, an integrated aluminum fabrication site near Evansville, Indiana (USA). Alcoa will retain ownership of the site’s 269,000 metric ton per year aluminum smelter and its power generating units,” the multinational said in a press release sent to the media.
Approximately 1,170 employees in the rolling mill operations, which include the foundry house, hot mill, cold rolling mill, and coating and slitting lines, will become employees of Kaiser Aluminum once the transaction is completed, the press release notes.
“The rolling mill produces approximately 310,000 metric tons of flat-rolled aluminum per year for use in packaging, including food containers, aluminum cans and bottles.” “The sale will achieve a key objective in our strategy of focusing on core markets while generating additional cash,” said Roy Harvey, Alcoa’s president and chief executive officer. “We look forward to having Kaiser Aluminum as a valued customer at Warrick Operations, and thank all of the employees who have contributed significantly to the site’s 60-year history of manufacturing excellence.”
