19 JUNE 2015Noranda Aluminum Press Release
Noranda engages Morgan Stanley as Financial Advisor
Edited by : AL CIRCLE
1 min read
Noranda Aluminum Holding Corporation announced today that it has engaged Morgan Stanley & Co. LLC ("Morgan Stanley") to serve as financial advisor for the Company as it evaluates a variety of strategic alternatives. The Company also announced that its Board of Directors has decided to suspend the Company's quarterly dividend and will seek stockholder approval of a reverse stock split at a ratio to be determined.
"We are pleased to announce the engagement of Morgan Stanley as an advisor as we proactively identify and evaluate prudent actions to continue to create stockholder value across the aluminum price cycle," said Layle K. "Kip" Smith, Noranda's President and Chief Executive Officer. "In the face of low aluminum prices, I am proud of the progress we have made in improving our cost structure and overall productivity, as well as our investments that support future improvements. This strategic review builds on that work, and is an exciting part of optimizing the positioning of the Company."
The Company does not intend to disclose further developments with respect to its exploration of strategic alternatives, other than as required by applicable law.
"We are pleased to announce the engagement of Morgan Stanley as an advisor as we proactively identify and evaluate prudent actions to continue to create stockholder value across the aluminum price cycle," said Layle K. "Kip" Smith, Noranda's President and Chief Executive Officer. "In the face of low aluminum prices, I am proud of the progress we have made in improving our cost structure and overall productivity, as well as our investments that support future improvements. This strategic review builds on that work, and is an exciting part of optimizing the positioning of the Company."
The Company does not intend to disclose further developments with respect to its exploration of strategic alternatives, other than as required by applicable law.
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