Alcoa Sells Automotive Fastener Unit to Kaminski

Alcoa has announced it has sold its automotive fastener business to the Kaminski Holdings group. Terms of the deal were not disclosed.

The automotive fastener business has four facilities in North America (Livonia, Michigan; Medina, Ohio; Park Forest, IL; and Valparaiso, IN) and has approximately 560 employees. The sale is part of Alcoa's previously announced (January 2003) divestiture program to sell certain non-core businesses. Proceeds from the sale will be used to pay down debt.

Alcoa will continue to maintain its leading position in the aerospace fastener business.

The Kaminski Holdings group includes Continental/Midland, Jacobson Manufacturing, and MSD Stamping. These companies design, manufacture and market engineered metal fasteners, cold-formed parts and fastener assemblies for automotive manufacturers and suppliers, as well as selected industrial markets. In addition, it manufactures and supplies powder actuated tools.

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