Kaiser Aluminum Corporation Announces Agreement To Purchase Assets Of Alexco, LLC
FOOTHILL RANCH, Calif., Oct. 13, 2010 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today announced it has entered into a definitive agreement to purchase substantially all of the assets of Alexco, LLC, a manufacturer of hard alloy extrusions for the aerospace industry based in Chandler, Arizona. The Company intends to fund the purchase price of approximately $90 million with existing cash on hand. The transaction is anticipated to close in December, 2010 subject to satisfaction of closing conditions, including receipt of third party consents.
"Alexco is a well-established supplier of aerospace extrusions which will position Kaiser Aluminum in a significant market segment that provides a natural complement to our current offering of sheet, plate, cold finish and drawn tube products for aerospace applications. The facility will continue to be operated by its strong and experienced management team that has built a solid track record for steady, profitable growth over the past decade," said Jack A. Hockema, Kaiser Aluminum President, Chief Executive Officer and Chairman. "We look forward to completing the transaction and welcoming the Alexco employees to the Kaiser team. With a solid market presence and a strong balance sheet, we also look forward to capturing increased potential as the business is integrated into Kaiser Aluminum," concluded Mr. Hockema.
Company DescriptionKaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, general engineering, and custom automotive and industrial applications. The Company's North American facilities produce value-added sheet, plate, extrusions, rod, bar, tube and wire products, adhering to traditions of quality, innovation and service that have been key components of our culture since the Company was founded in 1946. The Company's stock is included in the Russell 2000® index and the S&P SmallCap 600® index.
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