KAISER ALUMINUM, HOOGOVENS FORM ALLIANCE IN EXTRUDED ALUMINUM PRODUCTS
As part of the agreement, Hoogovens and Kaiser expect to identify and jointly undertake research and development projects and investigate worldwide opportunities and strategies in the aluminum extrusion business.
"We are delighted to form this alliance with Hoogovens because of the company's excellent reputation, technical competence, and access to the European market," said James T. Owen, vice president, extruded products, for Kaiser Aluminum. "In turn, we believe we can contribute a strong manufacturing and technical base as well as North American market access.
"With the globalization of the automotive market and its supply base, this link between our two companies will provide auto manufacturers with the ability to source material in both Europe and North America," Owen said.
"We are very pleased with this agreement," said Dr. Werner J. Graf, chief executive officer of Hoogovens Aluminium Profiltechnik in Vogt, Germany. "I see a lot of potential synergy, and I am sure our customers are going to benefit from it."
Kaiser Aluminum & Chemical Corporation is the operating subsidiary of Kaiser Aluminum Corporation (NYSE: KLU), the voting stock of which is about 60% owned by MAXXAM Inc. (AMEX: MXM). Hoogovens Aluminium Profiltechnik GmbH, a subsidiary of Hoogovens Aluminium GmbH in Koblenz, belongs to Hoogovens Groep, the Netherlands.
/CONTACT: Elizabeth M. Simon of Kaiser Aluminum, 510-847-5880/
CO: Kaiser Aluminum & Chemical Corp.; Hoogovens Aluminium Profiltechnik
GmbH; Kaiser Aluminum Corporation; Hoogovens Aluminium GmbH ST: Texas IN: MNG SU: PDT
LW -- SF013 -- 3390 02/02/95 14:39 EST
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|Date:||Feb 2, 1995|
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