Alcan Reaches Agreement in Principle to Sell Satma Capacitor Foil and Anodized Strip Business in France
PARIS, April 23 /PRNewswire/ -- Alcan has reached an agreement in principal to sell its Satma subsidiary to ALMECO Spa. Located in Goncelin, France, Satma manufactures and sells capacitor foil for the electronic industry as well as anodized strip for the lighting and decoration markets. ALMECO Spa is an Italian company specialized in anodized strip for the same markets.
"Alcan Engineered Products is concentrating its resources on businesses with good potential for growth, where it can assume leadership positions through a differentiated product offering. As such, the Satma business no longer fits into Engineered Products' core business and will have better opportunities for development with a company closer to its market and technologies," said Christel Boris, President and Chief Executive Officer, Alcan Engineered Products.
Final terms of the agreement are expected to be completed following the conclusion of consultations with employee representatives. The transaction is anticipated to close by the end of May 2007.
The Goncelin facility, near Chambery, employs 138 people and recorded 2006 revenues of EUR34 million.
Alcan Inc. (NYSE: AL, TSX: AL) is a leading global materials company, delivering high quality products and services worldwide. With world-class technology and operations in bauxite mining, alumina processing, primary metal smelting, power generation, aluminum fabrication, engineered solutions as well as flexible and specialty packaging today's Alcan is well positioned to meet and exceed its customers' needs. Alcan is represented by 68,000 employees, including its joint ventures, in 61 countries and regions, and posted revenues of US$23.6 billion in 2006. The Company has featured on the Dow Jones Sustainability World Index consecutively since 2003. For more information, please visit: www.alcan.com.
Statements made in this press release which describe the Company or management's objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of securities laws. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company's actual actions or results could differ materially from those expressed or implied in such forward-looking statements or could affect the extent to which a particular projection is realized. Reference should be made to the Company's most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K for a list of factors that could cause such differences.