Nov 6 2007
Alcoa today 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.