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ALUMINUM FLAT-ROLLED PRODUCTS AND EXTRUSION VENTURE FORMED BY HUNGALU AND ALCOA

 ALUMINUM FLAT-ROLLED PRODUCTS AND EXTRUSION VENTURE
 FORMED BY HUNGALU AND ALCOA
 BUDAPEST, Hungary, Oct. 21 /PRNewswire/ -- Hungary's government-owned aluminum company, Hungarian Aluminium Industrial Corporation (Hungalu), and Aluminum Company of America (Alcoa) (NYSE: AA) today signed a final agreement to create Alcoa-Kofem Kft., a venture to produce aluminum flat-rolled products, extrusions and certain finished products in Hungary.
 Alcoa-Kofem will be owned 50.1 percent by Alcoa and 49.9 percent by Hungalu. Initially Alcoa will invest $50 million and under the agreement, the venture will invest as much as another $115 million over the next five years for product quality and environmental and safety upgrades at the Kofem facility. Kofem Kft. was a subsidiary of Hungalu and is located at Szekesfehervar, about 35 miles southwest of Budapest.
 Alcoa will provide technology and operational expertise and systems to Alcoa-Kofem.
 Alcoa-Kofem will produce aluminum common alloy flat sheet, coiled sheet, extrusions and finished aluminum products such as corrugated sheet, traffic signs, light poles and venetian blind stock for the building and construction, food and agricultural markets in Hungary, central and western Europe. Sales and marketing for the venture will be provided by Alcoa's Western European sales organization and the sales organization of Hungalu.
 Alcoa Chairman and Chief Executive Officer Paul H. O'Neill and Dr. Ervin Ernst, Chairman of the Board of Hungalu, signed the agreement today at the Kofem plant site.
 -0- 10/21/92
 /EDITORS: This release is being sent simultaneously by Hungalu./
 /CONTACT: Istvan Mahler of Hungalu, 011-361-266-8491, or John F. McMahon of Alcoa, 412-553-3704/
 (AA) CO: Aluminum Company of America; Hungarian Aluminum Industrial
 Corporation ST: Pennsylvania IN: MNG SU: JVN


JT -- PG001 -- 2626 10/21/92 06:00 EDT
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Publication:PR Newswire
Date:Oct 21, 1992
Words:279
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