Century to buy Alcan’s Sebree smelter in Ky.
Apr 29, 2013 | 03:15 PM
| Michael Cowden
CHICAGO Century Aluminum Co. has agreed to acquire Rio Tinto Alcans smelter in Sebree, Ky., for $61 million in cash and the assumption of $4 million in liabilities, the companies said April 29.
Under the terms of the deal, Monterey, Calif.-based Century will receive $71 million in working capital while Montreal-based Rio Tinto Alcan will assume all past environmental liabilities and has agreed to fully fund the operations pension plan.
The transaction remains subject to closing conditions but is expected to be completed by the end of June, Rio Tinto Alcan said.
Sebree has been a "solid operation" and should remain so under Centurys ownership, the company said. Rio Tinto Alcan declined to comment beyond a news release.
Rio Tinto Alcan announced plans in 2011 to divest 13 assets, including the Sebree smelter (amm.com, Oct. 17, 2011).
The Sebree acquisition comes as Century also announced that it had reached a tentative power agreement for its smelter in Hawesville, Ky.....
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