Alcoa to Close Hawesville, KY Automotive Casting Facility.HAWESVILLE, Ky. -- Alcoa (NYSE NYSE See: New York Stock Exchange :AA) today announced that it will close its Hawesville, KY, automotive casting facility by the end of 2005. The plant closing, which will impact 158 people, is a result of excess capacity in Alcoa's automotive castings manufacturing system. Costs for the closing will total approximately $45 to $50 million pre-tax, the majority of which will be non-cash impairment charges and will impact second quarter earnings. "This plant closing is not a reflection on the strong workforce we have in Hawesville. They are a talented and dedicated group," said Allen Zwierzchowski, President - Alcoa Automotive Castings. "Unfortunately this facility is operating at less than 20 percent of its capacity. With certain program contracts winding down, the plant from a business perspective is no longer viable." Alcoa plans to sell the facility and will work with the community to attract buyers that could utilize the plant and lessen the impact of the closing. Headquartered in Farmington Hills Far·ming·ton Hills A city of southeast Michigan, an industrial suburb of Detroit. Population: 81,400. , MI, Alcoa Automotive Castings will continue to operate its other castings facilities in Farsund, Norway and Fruitport, MI. Alcoa Automotive Castings supplies structural, safety-critical components such as knuckles, control arms, cradles and sub-frames for automakers worldwide. Alcoa is the world's leading producer and manager 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. facilities, and is active in
all major aspects of the industry. Alcoa serves the aerospace,
automotive, packaging, building and construction, commercial
transportation and industrial markets, bringing design, engineering,
production and other capabilities of Alcoa's businesses to
customers. In addition to aluminum products and components, Alcoa also
markets consumer brands including Reynolds Wrap(R) foils and plastic
wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other
businesses are vinyl siding Wikipedia is not the place for advertisement or self-advertising. Vinyl siding, first introduced to the exterior cladding market in the late 1950s, is an alternative to aluminum siding, fiber cement siding, and timber siding. , closures, fastening systems, precision
castings, and electrical distribution systems for cars and trucks. The
company has 131,000 employees in 43 countries and has been a member of
the Dow Jones Industrial Average Dow Jones Industrial AverageThe best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. for 45 years and the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Sustainability Indexes since 2001. More information can be found at www.alcoa.com. |
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