UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 17, 2005
ALCOA INC.
(Exact name of Registrant as specified in its charter)
| Pennsylvania | 1-3610 | 25-0317820 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (I.R.S. Employer Identification Number) |
| 201 Isabella Street, Pittsburgh, Pennsylvania | 15212-5858 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Office of Investor Relations 212-836-2674
Office of the Secretary 412-553-4707
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.05. Costs Associated with Exit or Disposal Activities.
On May 17, 2005, Alcoa Inc. committed to a plan to close its Hawesville, Kentucky automotive casting facility by the end of 2005. The plant closing, which will impact 158 people, is a result of excess capacity in Alcoa’s automotive castings manufacturing system. Costs for the closing will total approximately $45 to $50 million pre-tax, consisting of non-cash impairment charges of approximately $41 to $45 million to be recorded in the second quarter, and severance and other employee costs, as well as clean-up costs, of approximately $4 to $5 million to be paid in cash within the next twelve months.
Alcoa will continue to operate its other automotive casting facilities in Farsund, Norway and Fruitport, Michigan, which supply structural, safety-critical components such as knuckles, control arms, cradles and sub-frames for automakers worldwide.
A copy of Alcoa’s press release dated May 19, 2005 announcing the closing is attached hereto as Exhibit 99 and incorporated herein by reference.
Item 2.06. Material Impairments.
The information set forth under Item 2.05 relating to the pre-tax impairment charges expected to be recorded as a result of Alcoa’s plan to close its Hawesville, Kentucky automotive casting facility is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (c) | Exhibits. |
The following is filed as an exhibit to this report:
| 99 | Alcoa Inc. press release dated May 19, 2005. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ALCOA INC. | ||
| By: | /s/ Lawrence R. Purtell | |
| Lawrence R. Purtell | ||
| Executive Vice President and | ||
| General Counsel | ||
Dated: May 19, 2005
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EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99 | Alcoa Inc. press release dated May 19, 2005. |
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Exhibit 99
FOR IMMEDIATE RELEASE
| Investor Contact | Media Contact | |||
| William F. Oplinger | Kevin G. Lowery | |||
| (212) 836-2674 | (412) 553-1424 | |||
| Mobile 724-422-7844 |
ALCOA TO CLOSE HAWESVILLE, KY AUTOMOTIVE CASTING FACILITY
Hawesville, KY – May 19, 2005 — Alcoa today announced that it will close its Hawesville, KY, automotive casting facility by the end of 2005. The plant closing, which will impact 158 people, is a result of excess capacity in Alcoa’s automotive castings manufacturing system. Costs for the closing will total approximately $45 to $50 million pre-tax, the majority of which will be non-cash impairment charges and will impact second quarter earnings.
“This plant closing is not a reflection on the strong workforce we have in Hawesville. They are a talented and dedicated group,” said Allen Zwierzchowski, President - Alcoa Automotive Castings. “Unfortunately this facility is operating at less than 20 percent of its capacity. With certain program contracts winding down, the plant from a business perspective is no longer viable.”
Alcoa plans to sell the facility and will work with the community to attract buyers that could utilize the plant and lessen the impact of the closing.
Headquartered in Farmington Hills, MI, Alcoa Automotive Castings will continue to operate its other castings facilities in Farsund, Norway and Fruitport, MI. Alcoa Automotive Castings supplies structural, safety-critical components such as knuckles, control arms, cradles and sub-frames for automakers worldwide.
Alcoa is the world’s leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa’s businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 131,000 employees in 43 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com.