Alcoa Completes Divestiture of Warrick Rolling Mill to Kaiser Aluminum Corporation for $670 Million
Alcoa Corporation (AA)
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation (NYSE: AA) today announced it has completed the sale of the rolling mill and associated assets near Evansville, Indiana, held by Alcoa Warrick LLC, to Kaiser Aluminum Corporation. The sale closed on March 31, 2021.In accordance with the previously announced sale agreement, Alcoa Corporation received total consideration of approximately $670 million, including the assumption by Kaiser of related other postretirement employee benefit (OPEB) liabilities. The consideration amount is subject to customary post-closing adjustments.Alcoa retains ownership of the 269,000 metric tons of smelting capacity at the Warrick smelter, the Warrick electric generating units, and land holdings in Warrick County, Indiana. As part of the sale, Alcoa has entered into a market-based metal supply agreement, a long-term ground lease, and a transition services agreement with Kaiser.Alcoa employs approximately 660 people at the smelter and the power plant at the
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