Alcoa Signs Memorandum of Understanding to Acquire Dooray Air Metal's Extrusion Business.Business Editors PITTSBURGH & SEOUL--(BUSINESS WIRE)--May 22, 2001 Alcoa Inc. (NYSE NYSE See: New York Stock Exchange :AA) of the U.S. and Dooray Air Metal Co. Ltd. of Korea jointly announced today that they have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. for Alcoa to acquire Dooray Air Metal's extrusion business located in Changwon, Korea. The Changwon facility produces hard alloy extrusions for use primarily in industrial, transportation and defense applications. The transaction, which is subject to completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and customary regulatory and other approvals, is expected to close in late 2001. Terms of the deal were not disclosed. Dooray Air Metal Co. Ltd. produces aluminum wheels, castings and extrusion parts for automotive, aerospace, and defense applications in the Korean domestic and export markets. It operates four manufacturing facilities in Korea. Alcoa is the world's leading producer of primary aluminum, fabricated fab·ri·cate tr.v. fab·ri·cat·ed, fab·ri·cat·ing, fab·ri·cates 1. To make; create. 2. To construct by combining or assembling diverse, typically standardized parts: aluminum and alumina alumina (əl  `mĭnə) or aluminum oxide, Al2O3, chemical compound with m.p. about 2,000°C; and sp. gr. about 4.0. . It is active in all major aspects of
the industry -- technology, mining, refining, smelting, fabricating and
recycling. It has 142,000 employees in 37 countries.
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