ALUMAX SELLS MINING INTERESTS FOR $160 MILLION.NORCROSS, Ga.--(BUSINESS WIRE)--July 1, 1996--Alumax Inc. (NYSE NYSE See: New York Stock Exchange : AMX AMX American Motors Experimental AMX Aeromexico Aerovias de Mexico (ICAO code) AMX Air Mobility Express AMX Amberjacks (FAO fish species code) AMX Alabama Motor eXpress ; Toronto: AXI AXI Automated X-Ray Inspection (electronics) AXI Association Xpertise Inc (Calgary, AB, Canada) AXI Ada to X-Window System Interface ) announced today that it has completed the sale of its Mexican mining interests to Minas Penoles, S.A. de C.V., a subsidiary of Alumax's partner, Industrias Penoles, S.A. de C.V., for total consideration of U.S. $160 million. Alumax said that the sale, which was first disclosed on May 28, 1996, will generate a pretax gain in excess of $90 million in the second quarter of 1996. Alumax Inc. is a world leader in aluminum with 1995 year-end assets of more than $3.1 billion and 1995 revenues of more than $2.9 billion. The company produces and markets primary aluminum ingot ingot Mass of metal cast into a size and shape such as a bar, plate, or sheet convenient to store, transport, and work into a semifinished or finished product. The term also refers to a mold in which metal is so cast. , billet and slab and is a major fabricator of value-added aluminum products for the building and construction, transportation, packaging and consumer durables Consumer durables Consumer products that are expected to last three years or more, such as an automobile or a home appliance. consumer durables See durable goods. industries. CONTACT: Alumax Thomas R. Hagley (Media) 770/246-6642 Fax: 770/246-6691 or R. Daniel Loh (Investors) 770/246-6752 Fax: 770/246-6691 |
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