Alcoa-Lingotes Castings to be Sold
Alcoa (Pittsburgh, Pa.; http://www.alcoa.com) announced its intention to exit the Alcoa Lingotes Castings Ltd. (ALC) joint venture established in 2000 to produce specialty cast components for the automotive industry. Alcoa will continue to operate and own its automotive casting business with operations in North America and Europe but will pursue an aggressive plan to sell Alcoa Lingotes Castings. ALC's sole operating location is in Leyland, England, and employs approximately 110 people. ALC intends to continue normal operations during the sale and transition period in order to meet current customer commitments. Alcoa, from a financial reporting standpoint, will include this business in discontinued operations when reporting its results while the sale of the business is pursued.