PITTSBURGH--Alcoa announced it has completed the sale of its automotive castings business to Compass Automotive Group, LLC, a portfolio company of Monomoy Capital Partners, L.P. Compass Automotive Group is a leading provider of aluminum and magnesium component solutions to Tier 1 automotive suppliers. Terms of the sale were not disclosed.
Alcoa announced its plan to divest the automotive castings business in the third quarter of 2007. The business, which had 2006 revenues of approximately $150 million, employs approximately 530 and has two operating locations: Fruitport, MI (the Michigan Casting Center); and Farsund, Norway (the Scandinavian Casting Center). Alcoa will continue to operate its other automotive businesses globally, including its facility in Soest, Germany.
Alcoa is continuing to pursue the sale of its Packaging and Consumer business. The company has received strong indications from potential buyers for that business, and plans to complete the transaction by late 2007 or early 2008.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, 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 Alcoa® wheels, fastening systems, and precision castings. The company has 116,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland.