| 200/4/1 発表 |
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2007/10/5 日本経済新聞夕刊
アルコア 包装材事業など売却 地金生産に資源集中
北米最大のアルミメーカ一のアルコアは４日、包装材や自動車向け鋳物事業を売却すると発表した。売却先は明らかにしていない。電線事業も欧米の拠点を合理化し、２００７年７−９月期に合計で８億４５００万ドル(約９８０億円)のリストラ費用を計上する。低採算事業を見直し、鉱山開発や地金生産に経営資源を集中するのが狙いだ。
アルミホイルなどの包装材事業の売却は今年末から来年初をメドに終える計画。大株主のヘッジファンドなどの求めに応じ、売り上げ規模が大きくても利幅が薄い事業を切り離す。包装材事業の０６年１２月期の売上高税引き利益率は３%と、地金生産(１４%)を大幅に下回る。
投資先の中国のアルミメーカーの株式も売却することが決まっており、海外の鉱山大手にとって資産内容が改善したアルコアは格好の買収の標的になりそうだ。
事業売却で得た資金を元手にアルコアが再び企業買収に乗り出す可能性も高い。
カナダの同業のアルキャンに敵対的買収を仕掛けたが失敗した経緯があり、買収による規模拡大で世界最大手のUCルサール(ロシア)に対抗する必要がある。
Alcoa Updates on Portfolio Review
Following the recent
monetization of its stake in Aluminum Corporation of China
Limited (Chalco), Alcoa today announced a series of portfolio
decisions that will further enhance its capital structure and
provide additional opportunities to improve shareholder value.
After completing the strategic review of its portfolio, the
Company intends to proceed with the sale of its Packaging
and Consumer business. The company has received strong
indications from strategic buyers for that business, and plans to
complete the transaction by late 2007 or early 2008. The company
is also near a definitive agreement to sell its Automotive
Castings business and should close that transaction
by the end of the year.
In addition, the company plans to significantly restructure its
Electrical and Electronic Solutions (formerly the
Alcoa Fujikura Limited wireharness business) business in the Americas and
Europe to improve returns and profitability.
These portfolio actions will be carried out in consultation with
the unions and works councils as required by applicable U.S.,
European and local rules and regulations
As a result Alcoa expects to record after-tax restructuring and
impairment charges in the third quarter of 2007 of approximately
$195 million related to the Electrical and Electronic Solutions
business; approximately $50 million for charges related to the
automotive castings business; and approximately $600 million
related to the planned sale of the packaging and consumer
business, the majority of which is associated with income taxes.
These portfolio actions, combined with the sale of Alcoa’s stake in Chalco, will significantly enhance the
company’s capital structure and add
flexibility for both growth opportunities and other initiatives
to improve shareholder value.
Chalco 2006/8/25 中国アルミ業界の拡大競争 参照
The precise impact on the
third quarter’s results of the restructuring and
impairment charges, along with the gain on the sale of the Chalco
shares, will be detailed in the company’s earnings release and conference
calls next Tuesday, October 9, 2007.
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 including flat-rolled products, hard alloy extrusions,
and forgings, Alcoa also markets Alcoa®
wheels, fastening
systems, precision and investment castings, structures and
building systems. The company has 116,000 employees in 44
countries and has been named one of the top most sustainable
corporations in the world at the World Economic Forum in Davos,
Switzerland. More information can be found at www.alcoa.com.
Alcoa Consumer Products is a global leader in the consumer packaged goods industry, supplying high quality and trusted foil, film and paper products to the retail and foodservice sectors. Within Alcoa Consumer Products, there are four businesses that globally manufacture and market branded and private label products.
Reynolds Consumer Products is home to many well-recognized brands such as Reynolds Wrap® Aluminum Foil, Reynolds® Plastic Wrap and Reynolds® Cut-Rite® Wax Paper. Other businesses include Presto Products Company, North America's largest private label plastics company and Baco Consumer Products, the leading supplier of household wraps and bags in the U.K.
Alcoa Automotive Castings
With leading-edge technology and innovative solutions, Alcoa Automotive Castings meets the increasing demands and expectations of the automotive and industrial markets with Vacuum Riser-less and Pressure Riser-less (VRC/PRC) permanent mold castings of aluminum alloys. VRC/PRC permanent mold casting is a superior technology that produces high quality structurally-focused castings.
We currently are the premier manufacturer of components for the suspension and chassis markets and produce sub-frames, cradles, knuckles, brackets and control arms at plants in North America and Europe. AAC castings are found on numerous automobiles, light trucks and other products worldwide, including BMW, Ford, General Motors, Chrysler, Jaguar, Hyundai, Toyota and Volvo products.
2006/1/5 フジクラ
業務上の提携の解消に関するお知らせ
当社は、アメリカAlcoa Inc.（以下「Alcoa」）との間で運営している自動車および情報通信事業における合弁事業会社Alcoa Fujikura Ltd.（当社49％出資、Alcoa51％出資、以下「AFL」）に関してAlcoaとの間で合弁解消についての基本合意書に調印いたしましたので、下記のとおり、お知らせいたします。
１．解消の理由
当社は、アメリカにおける情報通信事業および自動車事業の展開をAlcoa
との合弁会社であるAFL
を通して行ってまいりましたが、当社はコア事業である情報通信事業を、またAlcoa
は同社のコア事業である自動車事業をそれぞれ単独にて展開していく旨の合意がなされたため。
２．解消の内容
当社はAFL
が行なっている情報通信事業を新たに設立される別会社として引継ぎ、AFL
は原則現行の自動車事業を引継いだAlcoa100%保有子会社となることで、AFL
におけるAlcoa との事業提携を解消いたします。
３．業務提携の解消日
平成17 年3 月末日（予定）
200/4/1 発表
2001/11/6 Alcoa
Alcoa and Chalco Form Strategic Alliance
Alcoa Inc. announced today that it has finalized agreements for a strategic
alliance with Aluminum Corporation of China Limited (Chalco). These agreements mark the
beginning of what both companies believe will be a long-term
strategic partnership.
Under the strategic alliance, Alcoa and Chalco are forming a 50/50
joint venture at Chalco's facility at Pingguo, which is one of the most
efficient alumina and aluminum production facilities in China.
Alcoa believes that the proposed joint venture will allow it to
benefit from the growth of China's aluminum market, the fastest
growing in the world. Alcoa will transfer management, operational
and technical expertise, and best practices to Chalco.
The parties have committed to significantly increase both the
refining and smelting capacities at Pingguo over the next few
years. Pingguo's current alumina refining capacity is
400,000 metric tons
per year (mtpy), with plans to double that capacity by 2003.
There are also plans to expand the 135,000-mtpy
aluminum smelter
at Pingguo by 220,000 mtpy, bringing total capacity to
355,000-mtpy by 2006.
2004/4/20
Alcoa Inc. and Aluminum Corporation of China Limited (Chalco) announced today that they have received approval from the China National Development and Reform Commission (NDRC) to proceed with formation of their proposed joint venture at the Pingguo Aluminum facility in the Guangxi Zhang Autonomous Region, in South China.
Pingguo's current alumina refining capacity is 850,000 metric tons per year (mtpy) and the capacity of the aluminum smelter is 135,000-mtpy.
2007/9
Alcoa and Chalco agreed in 2001 to set up an equal-stake joint venture to operate the Chinese company's wholly owned Pingguo plant in the Guangxi region of southern China.
There have been no signs, however, of the venture being formed, said an executive at the Pingguo plant who asked not to be identified.
"Alcoa's staff have not come here for a long time," the executive said. He said an Alcoa project manager, a frequent visitor in previous years, had not been to Pingguo for a year or two.
Industry sources in China have noted that Pingguo owns one of the best bauxite reserves in the country, making it China's most efficient alumina producer.
Chalco is trying to boost its reserves of bauxite, the ore refined into alumina, both in China and overseas. Chalco shares have nearly tripled this year, easily outpacing a 40 percent gain over the same period in the index of Chinese companies listed in Hong Kong.
"This is a change in the strategic partnership. When Chalco did its placement last year, Alcoa didn't subscribe to maintain its stake. That was an early signal," said Helen Wang, an analyst at DBS in Beijing.
"Maybe short term we will see some share pullback, but any pullback will present a buying opportunity," she added.
As part of the alliance,
Alcoa will also become the strategic investor in Chalco’s proposed global offering and
listing on the New York Stock Exchange and The Stock Exchange of
Hong Kong. An offshore subsidiary of Alcoa, Alcoa International
(Asia) Ltd., will make the investment, which is expected to equal 8% of the
issued and outstanding shares of Chalco after the global offering. In connection with its
investment, Alcoa will also be entitled to one seat on Chalco’s board of directors. Aluminum
Corporation of China, or Chinalco, the parent company of Chalco,
will remain the largest shareholder in Chalco.
Alcoa Chairman and CEO Alain Belda said “Alcoa is committed to profitable
growth. Our alliance with Chalco will provide Alcoa ready and
reliable access to aluminum produced in China, the fastest
growing economy in the world. We expect our alliance to lead to a
series of joint ventures in China where the mutual strategic
objectives of Alcoa and Chalco can be realized through the
combination of each company’s respective resources and
strengths. Alcoa's participation in the primary sector will also
support our further growth in fabricated products in China. We
think this will, in turn, facilitate the continued rapid
development of the aluminum market in China.”
Alcoa expects to
complete negotiation of the definitive Pingguo joint venture
agreements by the end of 2002. The Pingguo joint venture is
subject to clearance by regulatory authorities in China. No U.S.
regulatory approvals are required.
Alcoa is the world’s leading producer of primary
aluminum, fabricated aluminum and alumina. It is active in all
major aspects of the industry ? technology, mining, refining,
smelting, fabricating and recycling.
Chalco is the sole alumina producer and the largest producer of
primary aluminum in China, and the third largest alumina refiner
in the world. Its mining, refining and smelting operations are
the largest in the Chinese aluminum industry.
Alcoa's Chalco sale shows China's changing times
Alcoa Inc pocketed a cool US$1.8 billion this week when it sold its stake in Aluminum Corp of China Ltd -- a handsome return on a six-year investment.
But Alcoa's willingness to cut the ties on its partnership with China's aluminium and alumina powerhouse shows how much China has changed since Chalco, a unit of state-owned Aluminum Corp of China, first listed in Hong Kong.
Chinese companies that once needed foreign partners to get the cash and know-how to build a new factory or access international markets are now confident, globally oriented firms with plenty of investment options.
Multinationals like Alcoa, needing well-connected local partners to get a foot in the door, in many cases have since bought out the local partners, allowing more independence and management control.
But "China Inc's" ability to fund itself has permitted it to resume control over strategic sectors like minerals and steel, after a brief opening. Thus, Alcoa found its Chalco connection never translated into a stake in the promising Pingguo alumina project.
"It's never been laid out explicitly but the country doesn't want resources to be given over to foreign hands," Ren Baifang, analyst at Beijing metals consultancy Antaike, said.
"At one point China wanted the exploration and mining technology and equipment, especially from North America. But now there isn't such a gap. Most Chinese metals firms don't need capital -- prices have been up so much they have plenty of cash."
In the past six years, state firms including Chalco injected their best assets into units listed on the booming Hong Kong and Shanghai stock markets and tapped the corporate bond market.
The ballooning trade surplus left banks flush with cash and happy to lend -- meaning Chinese firms can now think of taking over overseas competitors while funding high-priority projects at home by themselves.
"Five years ago, Chinese companies needed money, now they don't," said Joe Singer, of Penfold Ltd., which owns a small share in recently-listed Western Mining.
"Then they couldn't really draw on a stock market. Now their valuations are higher than those in the West."
SEEKING VALUE
Chalco's shares have nearly tripled this year, outpacing a 40 percent gain in the index of Chinese firms listed in Hong Kong on expectations that economic growth and its dominance in the domestic market would support its bottom line.
Chalco traded at 22 times 2008 earnings as of September 12, twice Alcoa's 10.3 times, HSBC estimated.
The stock closed at $18.68 a share, down 8.5 percent on Thursday after the news Alcoa would sell its 7 percent stake for US$2 billion, with a profit of US$1.8 billion. Its American Depositary Receipts in New York dove 9 percent on Wednesday.
"We normally do not act as financial investors, but we participated in the Chalco IPO six years ago to help facilitate its entry into the capital markets," Alcoa chief executive Alain Belda said on Wednesday.
"Over the past seven years Chalco has become firmly established in the equity market so our role as a financial investor is no longer needed, and we can redeploy our capital into other value-adding options, including projects in China."
Listed Chalco and its parent have used their control over alumina supply to take over rival aluminium smelters across China, but the high prices of the raw material also attracted new competition into the alumina sector, pressuring margins.
Alcoa now has more options to expand in downstream, value-added sectors after its efforts to move into alumina with Chalco, or to invest even further upstream in power projects, came to naught.
"Alcoa doesn't really want to invest in Chalco, it wants to invest in the Chinese market. But the Chalco stake actually limited their flexibility to maneuver. They've had to act more like a fund than an investor in the sector," a consultant who advises foreign companies in the metals sector.
"Alcoa has already missed the boat on the raw materials sector in China."
Its existing projects in China notably don't include Chalco, although Belda said the two companies would continue to work together, including on investments outside China.
It has invested in packaging and heat exchanger materials for engines. It runs China's largest foil producer and exporter, a joint venture with conglomerate CITIC now under expansion.
9/12/2007 Alcoa
Alcoa Sells Its Stake in Chalco; Will Continue Its Commitment to Chinese Aluminum Industry
Alcoa International (Asia) Limited, a wholly owned subsidiary of Alcoa, today announced it has sold its equity holdings in the Aluminum Corporation of China Limited (Chalco) through a placement of shares for approximately HK$15.3 billion (US$2.0 billion) or HK$17.34 per share. Alcoa had been a significant investor in Chalco since its initial public offering (IPO) in 2001, holding approximately 7 percent of its shares. Alcoa also reiterated its ongoing commitment to the Chinese aluminum industry and will continue to pursue investments in both upstream and downstream assets there.
“We normally do not act as financial investors, but we participated in the Chalco IPO 6 years ago to help facilitate its entry into the capital markets,” said Alcoa Chairman and CEO Alain Belda. “Over the past seven years Chalco has become firmly established in the equity market so our role as a financial investor is no longer needed, and we can redeploy our capital into other value-adding options, including projects in China.
“Chalco and Chinalco are to be commended for their evolution of the business since their IPO,” said Belda. “Under Chairman Xiao's leadership, they have emerged as a global leader in the aluminum industry and are playing an important role within China in the development of the sector there. We will continue to pursue opportunities with Chalco for mutual investment and growth, both within China and overseas,” added Belda.
“Our commitment to China and the opportunities there has never been stronger,” said Belda. “As a major player in the Chinese aluminum industry, we look forward to continuing to work with our partners and Chalco to help the industry realize its great potential.”
Alcoa's presence in China began in 1993 with the creation of the Alcoa Asia Ltd. representative office in Beijing. Since then, Alcoa has established 17 operating locations that provide innovative solutions for customers in all major markets. Products produced include foil, fasteners, automotive components, construction products, plastic closures, and decorative sheet.
Alcoa is in the midst of a major expansion of its Bohai rolling mill in Qinghuangdao, China, where the Company is investing approximately $300 million in a technologically advanced hot rolling mill and related equipment. Alcoa anticipates having the mill commissioned in 2008, with output growing to more than 220,000 metric tons per year (mtpy).
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 including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa® wheels, fastening systems, precision and investment castings, structures and building systems. The company has 116,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland.
Alcoa and ORKLA ASA Agree
to Exchange Equity Stakes
Alcoa to Receive Orkla’s 50% Stake in Elkem Aluminum;
Orkla to Receive Alcoa’s 45% Stake in SAPA Extrusions
Business.
Alcoa today announced it has agreed with ORKLA ASA (Orkla) to
exchange their stakes in a Norwegian smelting partnership and a
Swedish extrusion joint venture in order to focus on their
respective areas of expertise and best practices. Alcoa will
receive Orkla’s 50 percent stake in Elkem
Aluminum ANS while Orkla will receive Alcoa’s 45 percent stake in the $3.7
billion SAPA extrusion profiles business. The transaction is
expected to be completed in the first quarter of 2009.
Elkem Aluminum, which will be 100 percent owned by Alcoa
following the transaction, includes aluminum smelters in Lista
and Mosjoen, Norway with a combined output of 282,000 metric
tons per
year (mtpy). Included in the transaction is Elkem’s stake in a newly opened anode
plant in Mosjoen in which Alcoa already holds an approximate 82
percent stake.
The addition of these assets increases Alcoa’s global smelting capacity to more than 4.7
million metric tons, making Alcoa the world’s largest primary aluminum
producer.
“This
action is an important step in the strategic process to
strengthen Alcoa’s smelting and anode business and
to exit the soft alloy extrusion business,”
Mr. Kleinfeld said.
“We
will be assuming control over businesses where we are the
recognized global leader ? two smelters with long-term clean
power contracts and an anode business that plays a vital role in
supporting our operations in Europe and Iceland. This move makes
good strategic and financial sense for both Alcoa and Orkla.”
The SAPA Profiles
business, which will be 100 percent owned by Orkla following the
completion of the transaction, is a leading independent
manufacturer of aluminum extrusions and engages in extensive
processing operations, including surface treatment,
hydro-forming, friction-stir welding and CNC treatment.
Production takes place in 15 European countries, the US and
China. The SAPA joint venture was created in July 2007 when Alcoa
combined its soft alloy business with Orkla’s SAPA unit. Aluminum extrusions
are used for design solutions in virtually all sectors.
The two parties will continue to hold joint ownership in the
carbothermic process technology Alcoa is developing together with
Elkem, which is in the research and development phase. The
Carbothermic process is a new technology that holds the potential
to produce aluminum at a lower cost, driven by reduced conversion
costs, lower energy requirements, and lower emissions and at a
lower capital cost than traditional smelting. The technology also
holds potential for significant cost improvement in the
production of other metals.
Alcoa expects to record an impairment charge in the fourth
quarter of 2008 related to the exchange of its interests in the
extrusion joint venture and is working with its advisors to
determine the details.