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8-K - FORM 8-K - KAISER ALUMINUM CORP | a57581e8vk.htm |
EX-10.1 - EX-10.1 - KAISER ALUMINUM CORP | a57581exv10w1.htm |
Exhibit 99.1
Kaiser Aluminum Corporation Announces
Agreement to Purchase Assets of Alexco, LLC
Agreement to Purchase Assets of Alexco, LLC
FOOTHILL RANCH, Calif., October 13, 2010 Kaiser Aluminum Corporation (NASDAQ:KALU) today
announced it has entered into a definitive agreement to purchase substantially all of the assets of
Alexco, LLC, a manufacturer of hard alloy extrusions for the aerospace industry based in Chandler,
Arizona. The Company intends to fund the purchase price of approximately $90 million with existing
cash on hand. The transaction is anticipated to close in December, 2010 subject to satisfaction of
closing conditions, including receipt of third party consents.
Alexco is a well-established supplier of aerospace extrusions which will position Kaiser Aluminum
in a significant market segment that provides a natural complement to our current offering of
sheet, plate, cold finish and drawn tube products for aerospace applications. The facility will
continue to be operated by its strong and experienced management team that has built a solid track
record for steady, profitable growth over the past decade, said Jack A. Hockema, Kaiser Aluminum
President, Chief Executive Officer and Chairman. We look forward to completing the transaction and
welcoming the Alexco employees to the Kaiser team. With a solid market presence and a strong
balance sheet, we also look forward to capturing increased potential as the business is integrated
into Kaiser Aluminum, concluded Mr. Hockema.
Company Description
Kaiser Aluminum Corporation, headquartered in Foothill Ranch, Calif., is a leading producer of
semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered
solutions for aerospace and high-strength, general engineering, and custom automotive and
industrial applications. The Companys North American facilities produce value-added sheet, plate,
extrusions, rod, bar, tube and wire products, adhering to traditions of quality, innovation and
service that have been key components of our culture since the Company was founded in 1946. The
Companys stock is included in the Russell 2000® index and the S&P SmallCap 600® index.
Available Information
For more information, please visit the Companys web site at www.kaiseraluminum.com. The
web site includes a section for investor relations under which the Company provides notifications
of news or announcements regarding its financial performance, including Securities and Exchange
Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all
Company filings submitted to the SEC are available through a link to the section of the SECs web
site at www.sec.gov which includes: Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q, Current Reports on Form 8-K and Proxy Statements for the Companys annual stockholders
meetings and other information statements as filed with the SEC. In addition, the Company provides
a webcast of its quarterly earnings calls and certain events in which management participates or
hosts with members of the investment community.
###
This press release contains statements based on managements current expectations, estimates and
projections that constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that
may cause actual results, performance or achievements of the Company to be materially different
from those expressed or implied. Kaiser Aluminum cautions that such forward-looking statements are
not guarantees of future performance or events and involve significant risks and uncertainties and
actual events may vary materially from those expressed or implied in the forward-looking statements
as a result of various factors. These factors include: (a) the Companys ability to successfully
complete its due diligence in regard to the proposed acquisition, (b) the satisfaction of the
conditions to closing, including the receipt of third party consents, (c) the Companys ability to
integrate acquired operations, continue to realize manufacturing efficiencies and remain a low cost
producer, (d) the Companys ability to successfully identify and execute its long term strategic
growth initiatives and internal and external growth opportunities; and (e) other risk factors
summarized in the Companys reports filed with the Securities and Exchange Commission, including
the Companys Form 10-K for the year ended December 31, 2009 and Current Report on Form 10-Q filed
with the Securities and Exchange Commission for the quarter ended March 31, 2010. All information
in this release is as of the date of the release. The Company undertakes no duty to update any
forward-looking statement to conform the statement to actual results or changes in the Companys
expectations.
Investor Relations Contact:
Melinda C. Ellsworth
Kaiser Aluminum Corporation
(949) 614-1757
Melinda C. Ellsworth
Kaiser Aluminum Corporation
(949) 614-1757
Public Relations Contact:
Dave Quast
FD
(646) 421-5341
Dave Quast
FD
(646) 421-5341