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HUNGARIAN ALUMINIUM INDUSTRIAL CORP. AND ALCOA SIGN AGREEMENT ON ALUMINUM FLAT-ROLLED PRODUCTS AND EXTRUSION VENTURE

 HUNGARIAN ALUMINIUM INDUSTRIAL CORP. AND ALCOA SIGN AGREEMENT
 ON ALUMINUM FLAT-ROLLED PRODUCTS AND EXTRUSION VENTURE
 PITTSBURGH, Feb. 13 /PRNewswire/ -- Hungary's government-owned aluminum company, Hungarian Aluminium Industrial Corporation (Hungalu), headquartered in Budapest, and Aluminum Company of America (Alcoa), (NYSE: AA), Pittsburgh, have signed a memorandum of understanding for Alcoa to invest capital to acquire the controlling interest in a wholly-owned Hungalu flat-rolled products and extrusion subsidiary, it was announced today.
 The subsidiary, Kofem Kft., produces common alloy flat sheet, coiled sheet and extrusions for the building and construction, food and agricultural markets in Hungary, central and western Europe.
 Kofem is located at Szekesfehervar, about 35 miles southwest of Budapest. The operation currently employs over 3,000 workers.
 Alcoa's investment will increase the capital structure of Kofem and will be used to upgrade quality and safety as well as provide management, technology, and operational techniques and systems for the venture to become a successful competitor throughout Europe.
 Alcoa's western European sales organization and the sales organizations of Hungalu will provide sales and marketing for the venture.
 The companies said that they expect to sign a final agreement in mid-1992.
 -0- 2/13/92
 /EDITORS: News release simultaneously released in Budapest./
 /CONTACT: Istvan Mahler of Hungarian Aluminum Industrial Corp., 36-1-149-4523, or J.F. McMahon of Alcoa, 412-553-3704/
 (AA) CO: Hungarian Aluminum Industrial Corp.; Aluminum Company of America ST: Pennsylvania IN: MNG SU: TNM


DM -- PG006 -- 9565 02/13/92 08:59 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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