Alcoa to Purchase Reynolds' Extrusion Plant in Irurzun Spain.PITTSBURGH Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. , Pa., and RICHMOND, Va.--(BUSINESS WIRE)--Dec. 22, 1998--Alcoa and Reynolds Metals Reynolds Metals Company (RMC) was the second largest aluminum company in the United States, and the third largest in the world. The company became well-known for the consumer product Reynolds Wrap as well as being a leader in developing and promoting new uses for aluminum; Company announced today that they have signed a definitive agreement for Alcoa to purchase Reynolds' aluminum extrusion plant in Irurzun, Spain as well as its distribution operation for architectural systems, which has warehouses in several cities in Spain. The Irurzun plant has the capacity to produce 22,000 metric tons per year of soft alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. extrusions for use primarily in industrial and residential building applications throughout Europe. Both operations employ approximately 280 people. Terms were not disclosed. The extrusions business will become a part of Alcoa Europe, one of Alcoa's business units. Completion of the transaction is subject to all necessary government and regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities approvals and completion of certain closing conditions. The transaction is expected to be completed by the end of the first quarter 1999. Note to Editors: There should be an accent mark Noun 1. accent mark - a diacritical mark used to indicate stress or placed above a vowel to indicate a special pronunciation accent language, linguistic communication - a systematic means of communicating by the use of sounds or conventional symbols; "he over the second "u" in "Irurzun" throughout the release. This accent was omitted for transmission purposes only. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion