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U.S. REDUCTION CO. TO PURCHASE ALUMINUM RECLAMATION PLANT FROM REYNOLDS METALS COMPANY

 U.S. REDUCTION CO. TO PURCHASE ALUMINUM RECLAMATION PLANT
 FROM REYNOLDS METALS COMPANY
 MUNSTER, Ind., Aug. 26 /PRNewswire/ -- U.S. Reduction Co. and Reynolds Metals Company (NYSE: RLM) today announced they have signed a letter of intent for an affiliate of U.S. Reduction to purchase the assets of ALRECO Metals, Inc., a Reynolds aluminum reclamation facility in Benton Harbor, Mich.
 The transaction, which is subject to certain conditions including completion of a due diligence investigation and execution of definitive agreements, is expected to be completed by October 30, 1992.
 Terms of the transaction were not released. According to Reynolds, proceeds from the sale will be invested in its other businesses and will have no material effect on its operating results.
 ALRECO Metals, Inc., is a major supplier of secondary aluminum to the automotive die cast industry. The Reynolds subsidiary, which began operations in 1981, has an annual production capacity of 54,000 tons. The plant's 130 employees convert aluminum scrap from automobiles and other sources into customer specification foundry alloys for shipment in either molten or ingot form.
 The sale of the assets of ALRECO will not affect Reynolds three other reclamation plants in the U.S., which have a total capacity of approximately 375,000 tons.
 -0- 8/26/92
 /CONTACT: Sue Harrison of U.S. Reduction Co., 219-836-0555, or Drew Lybrook of Reynolds Metals Company, 804-281-3262/
 (RLM) CO: Reynolds Metals Company; U.S. Reduction Co.; ALRECO Metals, Inc. ST: Virginia, Indiana, Michigan IN: MNG SU: TNM


CM -- CH012 -- 3604 08/26/92 16:08 EDT
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Publication:PR Newswire
Date:Aug 26, 1992
Words:258
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