Isn't this the same mill they were selling(trying) last year?
newswire.ca
:
Norandal confirms sale of its Alabama mill
FRANKLIN, TN, Feb. 1 /CNW/ - Noranda Inc. confirmed today that its
Norandal USA business unit has concluded negotiations to sell its sheet
rolling mill in Scottsboro, Alabama, to Michigan Avenue Partners for an
undisclosed amount. The agreement is scheduled to close February 15, 1999.
Norandal's Scottsboro plant includes a hot mill along with cold rolling
and coil coating facilities. The plant produces painted and bare aluminum
sheet and welded aluminum tube with an annual capacity of approximately
181,000 tons.
Noranda USA, Inc., a wholly-owned subsidiary of Noranda Inc., is a major
producer of aluminum sheet and foil products and currently operates four
aluminum rolling mills in the United States. The company employs more than
1,200 people.
Michigan Avenue Partners is a privately held investment firm based in
Chicago, Illinois. Michigan Avenue Partners purchased the Reynolds Metals
McCook plant last year, making it the fastest-growing metals conglomerate in
the United States. According to Michael Lynch, President and CEO of Michigan
Avenue Partners, ''the acquisition of the Scottsboro facility fits our overall
strategy to become a major player in the aluminum industry.''
Noranda is a Canadian company whose common shares are listed on Canada's
major stock exchanges (NOR). It is a leading international mining and
metallurgical operating company with 50 operations in eight countries. Noranda
is one of the world's largest producers of zinc and nickel and is a
significant producer of copper, primary and fabricated aluminum, lead, silver,
gold, sulphuric acid, cobalt and wire rope. Noranda is also a major recycler
of secondary copper, nickel and precious metals. Noranda employs over 21,000
people.
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