Alcoa today announced its intention to exit the Alcoa Lingotes Castings Ltd. (ALC) joint venture established in 2000 to produce specialty cast components for the automotive industry. Alcoa, the majority partner in the venture, will pursue an aggressive plan to sell ALC.
ALC's sole operating location is in Leyland, England, and employs approximately 110 people.
After an assessment of the product offerings and technology portfolio of ALC, Alcoa concluded that these operations no longer fit strategic objectives.
ALC intends to continue normal operations during the sale and transition period in order to meet current customer commitments. Alcoa, from a financial reporting standpoint, will include this business in discontinued operations when reporting its results while the sale of the business is pursued.
Alcoa will continue to operate and own its leading automotive casting business with operations in North America and Europe.
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