sunny 2006-11-28 10:21 AM
Alcoa will cut 6,700 workers
ALUMINUM producer Alcoa Inc said it will shed 6,700 jobs as part of a restructuring program designed to improve profits and efficiency.
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The Pittsburgh-based company also said on Tuesday it agreed to join its soft alloy extrusion business with the Sapa Group, part of Norway's Orkla ASA, in a joint venture the two firms intend to take public.
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The new company, which will be majority owned by Orkla and operated by Sapa, is expected to be created by the end of the first quarter, pending government approval. ,fpu!C/ub8e/_rD
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Alcoa's soft alloy extrusion business has about 6,400 employees at 22 plants in eight countries. It had shipments of 585,000 metric tons and revenue of US$2.1 billion in 2005. An additional three soft alloy plants not included in the venture will be sold, the company said. e K q{qvo@
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Sapa's smaller soft alloy business employs about 6,000 people at 18 facilities in 12 countries and shipped 275,000 metric tons for revenue of US$1.3 billion.