Alcoa announced it has completed the sale of its automotive castings business to Compass Automotive Group, a portfolio company of Monomoy Capital Partners. Compass Automotive Group is a provider of aluminum and magnesium component solutions to Tier-1 automotive suppliers. Terms of the sale were not disclosed.
Alcoa’s automotive castings business, which had 2006 revenues of approximately $150 million, employs about 530 people and has two operating locations – Fruitport, Mich., and Farsund, Norway. Alcoa will continue to operate its other automotive businesses globally, including its facility in Soest, Germany.