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Alcoa Sells Packaging Equipment Business to American
Industrial Partners
Manufacturing News Center
PITTSBURGH, PA --January 13, 2004-- Alcoa (NYSE:AA) today announced
it has sold its packaging equipment business to American Industrial
Partners and management for approximately $45 million in cash.
The sale is part of Alcoa's previously announced (January 2003) divestiture
program to sell certain non-core businesses. Proceeds from the sale will
be used to pay down debt.
The packaging equipment is a leader in producing equipment for the two-piece
can industry. Its technologically advanced machinery line includes decorators,
base coaters, embossers and body makers. Among its technologies is the
ability to print magazine-quality photographs on two-piece cans, offering
multiple production cost benefits to the can maker.
The packaging equipment business has four facilities in North America
and has approximately 250 employees. Alcoa will continue to serve customers
throughout the packaging sector through it other various packaging businesses,
including the Alcoa Rigid Packaging Division, Alcoa Consumer Products,
Alcoa Closure Systems, Alcoa Food Packaging, Alcoa Flexible Packaging,
Alcoa Kama, Alcoa Protective Packaging and Southern Graphic Systems.
About Alcoa:
Alcoa is the world's leading producer of primary aluminum, fabricated
aluminum and alumina, and is active in all major aspects of the industry.
Alcoa serves the aerospace, automotive, packaging, building and construction,
commercial transportation and industrial markets, bringing design, engineering,
production and other capabilities of Alcoa's businesses to customers.
In addition to aluminum products and components, Alcoa also markets consumer
brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels,
and Baco(R) household wraps. Among its other businesses are vinyl siding,
closures, fastening systems, precision castings, and electrical distribution
systems for cars and trucks. The company has 120,000 employees in 41 countries.
About: American Industrial Partners
American Industrial Partners (AIP) is a private equity firm that has been
investing in public and private companies since 1989. Having raised over
$1 billion in equity capital, the Firm is actively partnering with experienced
management teams to invest in middle market manufacturing and industrial
service companies.
American Industrial Partners distinguishes
itself from other financial investors through the deep operating expertise
of its Partners and Executive Officer Association. This leadership team
is made up of former Presidents and CEOs of Fortune 200 companies including:
Armco Steel, Goodyear Tire, Mead Paper, NL Industries, Oshkosh Truck,
Raychem, Tenneco Automotive, Union Pacific and US Steel.
With offices in San Francisco and New York, American Industrial Partners
invests in manufacturing and industrial service companies throughout North
America. Typical equity investments range from $10 million to $50 million.
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Source: Alcoa American
Industrial Partners
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