NEW YORK--(BUSINESS WIRE)--Alcoa announced today that it has completed the previously announced sale of its Home Exteriors business to Ply Gem Industries, Inc., for $305 million in cash.
Alcoa announced its plan to divest the home exteriors business because it no longer fit with its core global building and construction business portfolio. The business has 1,400 employees and had 2005 revenues of approximately $600 million. The sale includes manufacturing facilities in Atlanta, Ga.; Denison, Texas; Gaffney, S.C.; Sidney, Ohio; and Stuarts Draft, Virginia.
The company expects to record an after-tax gain on the sale of between $80 and $90 million in the fourth quarter. Alcoa will use the proceeds to pay down debt and fund growth projects. Lehman Brothers served as financial adviser to Alcoa on the transaction.
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap® foils and plastic wraps, Alcoa® wheels, and Baco® household wraps. Among its other businesses are closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 129,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. More information can be found at www.alcoa.com