ALUMAX SELLS PART INTEREST IN INTALCO, EASTALCO PRIMARY ALUMINUM PLANTS.NORCROSS, Ga.--(BUSINESS WIRE)--March 31, 1995--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 certain of its subsidiaries have completed the sale of a portion of the Eastalco primary aluminum production plant in Frederick, Maryland Frederick is the county seat of Frederick County, Maryland. As of the 2006 census estimates, the city has a total population of 58,882 [2], making it the third-largest city in Maryland. , and the Intalco primary aluminum production plant in Ferndale, Washington, to a consortium led by a subsidiary of Mitsui & Co., Ltd. Alumax reported that the consortium acquired an additional 14 percent undivided interest undivided interest n. title to real property held by two or more persons without specifying the interests of each party by percentage or description of a portion of the real estate. in each of the plants, representing more than 60,000 metric tons of nameplate molten metal primary aluminum capacity and related working capital, for $148 million. The company indicated that the sale represents about eight percent of its total year-end 1994 annual nameplate capacity and that the sale will generate a pre-tax gain in the first quarter of 1995 substantially in excess of $100 million. Allen Born, chairman and chief executive officer said: "Alumax is well known for its ability to operate very efficient, lower-cost primary aluminum smelters. This transaction will allow the company to benefit from that strength by selling some capacity that is not required for Alumax's longer-term growth and development." Mr. Born noted that the Alumax group will continue to hold a 61 percent majority interest in both plants and will continue to operate each of them. Consortium members and other parites now hold a collective 39 percent interest in each of the plants. Alumax is a world leader in aluminum with assets of approximately $2.9 billion and annual revenues of approximately $2.8 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, containers and 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. Alumax employs 14,000 people in more than 100 plants and facilities in the United States, Canada, and Western Europe. CONTACT: Alumax Inc., Norcross Thomas R. Hagley, (P) 404/246-6642 (F) 404/246-6691 |
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