ALCAN
Alcan Reaches Agreement on Sale of its Ferroalloy Division
Alcan Reaches Agreement in Principal on Sale of its Ferroalloy
Division
MONTREAL, December 30/PRNewswire/ --
Alcan Inc. (NYSE, TSX: AL) announced today that it has reached
agreement on the principal terms of a sale of Pechiney
Electrométallurgie (PEM) to Ferroatlantica, S.L., Spain's leading
ferroalloys and independent electrical power producer. The value of
this transaction net of closing adjustments is likely to exceed Euro
100 million.
'This agreement is compelling for Alcan and consistent with our
strategy of focussing on primary aluminum and divesting non-core
activities,' said Cynthia Carroll, President and Chief Executive
Officer of Alcan Primary Metal Group.
The parties expect to enter into a definitive share purchase
agreement following the employee consultation process.
The transaction, which will ultimately be subject to relevant
regulatory authorities approvals, should be completed in the second
quarter of 2005.
Today's Alcan is a multinational, market-driven company and a
global leader in aluminum and packaging, as well as aluminum
recycling. With world- class operations in primary aluminum,
fabricated aluminum as well as flexible and specialty packaging,
aerospace applications, bauxite mining and alumina processing, Alcan
is well positioned to meet and exceed its customers' needs for
innovative solutions and service. Alcan employs 88,000 people and has
operating facilities in 58 countries and regions.
Source: Alcan Inc
For further information: Media Contacts: Chrystèle Ivins,
+1-33-6-76-92-66-99, Chrystele.ivins@alcan.com; Anik Michaud,
+1-514-848-8151, media.relations@alcan.com; Investor Contact: Corey
Copeland, +1-514-848-8368, investor.relations@alcan.com; To request a
free copy of this organization's annual report, please go to
http://www.newswire.ca and click on reports@cnw.
03 jan 05 08:37