Alcoa to book charge of about $135 million in Q3 on sale of Spanish units [MarketWatch]
Alcoa Corporation (AA)
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Source: MarketWatch
Alcoa to book charge of about $135 million in Q3 on sale of Spanish units Alcoa Corp. AA, +0.26% said Wednesday it expects to book a charge of about $135 million, or 73 cents a share, in the third quarter on the sale of Spanish units to Parter Capital Group AG, a Swiss private-equity firm. Parter will acquire subsidiaries that own and operate the Avilés and La Coruña aluminum plants in Spain. The acquisition includes the casthouses at both plants and the paste plant at La Coruña, which are currently in operation, along with the curtailed smelters at both plants. Under the terms of the deal, all 630 employees will be kept on for at least two years. Parter may also restart the plant's smelting capacity. Alcoa shares dipped slightly premarket and are down 13% in 2019, while the S&P 500 SPX, +0.09% has gained 20%.
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