Montreal, Canada — Alcan Inc. (NYSE, TSX: AL) announced today that it has reached agreement on the principal terms of a sale of Pechiney Électrométallurgie (PEM) to Ferroatlántica, S.L., Spain’s leading ferroalloys and independent electrical power producer. The value of this transaction net of closing adjustments is likely to exceed Euro100 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.
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