Century Agrees To Purchase Southwire's Aluminum Operations; Transaction Contingent On Resolving Labor Issues With USWA.Business Editors MONTEREY Monterey (mŏntərā`), city (1990 pop. 31,954), Monterey co., W Calif., a port on Monterey Bay; founded 1770, inc. 1850. It is a popular resort, the home of many artists and writers, and one of California's oldest cities. , Calif.--(BUSINESS WIRE)--April 4, 2000 Century Aluminum Company (Nasdaq:CENX) and Southwire Company have executed a letter of intent for Century to acquire Southwire's 237,000-metric-ton-per-year (mtpy) aluminum reduction plant at Hawesville, KY. Terms were not disclosed. Announcing the transaction, Century Chairman and Chief Executive Officer Craig A. Davis, said: "This acquisition would nearly double the size of our company and is the next step in our strategy to become a larger and lower cost producer of primary aluminum. "We are very enthusiastic about bringing the Hawesville plant into our growing portfolio of primary aluminum assets. The facility is well managed, competitive and has excellent performance ratings See benchmark. in quality, productivity and efficiency. "This transaction is conditional on the satisfactory resolution of all outstanding labor disputes at the plant with the United Steelworkers United Steelworkers (USW) historic labour union representing workers in steel, aluminum, and other metallurgical industries for much of the 20th century. In the U.S. of America (USWA USWA United Steelworkers of America USWA United States Wrestling Association USWA United States Windsurfing Association USWA United States Wristwrestling Association ). Century and the USWA will begin negotiations later this week in an attempt to resolve these matters quickly and fairly. This announcement of the proposed acquisition is being made now in anticipation of these negotiations becoming public knowledge. "Beyond a new labor agreement, the transaction also is contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent Century and Southwire executing definitive agreements and obtaining customary corporate and regulatory consents and on Century finalizing its financing arrangements. The transaction could be completed before mid- mid- pref. Middle: midbrain. 2000." Century owns and operates a 168,000-mtpy aluminum reduction plant at Ravenswood, WV, and owns a 26.67 percent interest in an aluminum reduction plant at Mt. Holly, SC. Century is based in Monterey, CA. Southwire is a manufacturer of wire and cable. The company's technologies and products, including building wire and cable, copper and aluminum rod and utility cable products, are distributed worldwide. Southwire is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. based in Carrollton, GA. |
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