PARTER Capital Group AG has completed acquisition of Avilés and La Coruña, Spain Aluminum Plants from Alcoa; a press release from Alcoa confirms that. The acquisition includes the casthouses at both plants and the paste plant at La Coruña, which are currently in operation, and the closed smelters at both plants.
According to the agreement of acquisition, PARTER Capital Group will keep the facilities’ entire workforce of about 630 employees for a minimum of two years. The group is likely to start reindustrialization projects for both sites and the group also indicated a potential restart of the plants’ smelting operations.
The transaction completed in accordance with the collective dismissal agreement signed with the workers' representatives in January 2019.
“PARTER Capital Group’s acquisition of the Avilés and La Coruña plants provides the workforce with continued employment and the local community with ongoing industrial activity,” said Timothy Reyes, Executive Vice President and President, Aluminum.
“This is the best outcome we could have expected, and we thank the central government and those of Asturias and Galicia, as well as the workers’ representatives for their support through this process,” he added.
“We are very delighted with this acquisition,” said Dr. Rüdiger Terhorst, Managing Partner at PARTER Capital Group AG. “Together with the extraordinarily engaged teams in Avilés and La Coruña, we intend to build a positive and lasting future that includes great opportunities for the plants in renewable aluminium markets.”
Alcoa will record restructuring-related charges of about US$135 million in the third quarter of 2019. Related cash outlays are expected to be approximately US$115 million over the next two years, with approximately half to be paid in 2019.
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