Alcoa provides update on Avilés and La Coruña Plants in SpainVolker Karow
Alcoa has signed a conditional share purchase agreement with private equity investment firm Parter Capital Group in Switzerland to acquire the Alcoa Avilés and La Coruña aluminium plants in Spain.
The plants include the casthouses at both facilities and the paste plant at La Coruña, which are currently in operation, and the two curtailed smelters.
Alcoa has reached an agreement with the workers’ representatives relating to a transaction between the company and Parter. However, a final acquisition is subject to a buyer-provided credit facility to support future operations. If the acquisition cannot be completed by 31 July 2019 (extended from the original 30 June deadline), the collective dismissal and social plan are expected to go into effect on 1 August 2019.
Alcoa reached an agreement in January 2019 with the workers’ representatives at the two aluminuim plants as part of the collective dismissal process announced in October 2018. As part of that agreement, the smelters, with combined operating capacity of 124,000 tonnes per year, were curtailed in February and maintained in restart condition, in the event that third parties had interest in acquiring the facilities.