February 26, 2021

Parter will maintain the approximately 630 Alcoa jobs in Avilés and Coruña

The Swiss fund Parter Capital, which has bought the plants of the aluminum multinational Alcoa in La Coruña and Avilés, will maintain all the workforce of both facilities, approximately 630 employees, at least two years, and has proposed reindustrialization projects for the Two centers

Alcoa has informed in a statement that it has completed the sale of its two Spanish subsidiaries that operate and own the aluminum plants of the multinational in Avilés and La Coruña, a transaction that was pending for Parter Capital to present liquidity guarantees for the Plant operation, as it did yesterday.

The purchase, with immediate effect, includes the smelters of both centers and the pasta plant of A Coruña, which are currently operational, as well as the electrolysis series that are stopped.

Parter Capital has proposed reindustrialization projects for both centers and a possible restart of the electrolysis of the factories.

At the beginning of the conflict, when Alcoa announced its intention to close both plants, 369 workers worked at the A Coruña plant and at Aviles 317.

The electrolysis series have a combined capacity of 124,000 metric tons per year and have been kept in a position to be restarted so that the buyer who acquires the plants can restart them.

The managing partner of Parter Capital, Rüdiger Terhorst, explained in that statement that the intention of his group is "to build a positive and lasting future that includes great opportunities for plants in the recycled aluminum markets."

The executive vice president of Alcoa and president of the Aluminum business, Timothy Reyes, has said that the result is the best they could have expected and thanked the central government, those of Asturias and Galicia, and the workers' representatives for their support during the process.

Alcoa plans to register charges in the third quarter of 2019 related to its divestment in the amount of approximately 135 million dollars (about 121 million euros).

He expects cash disbursements to be approximately 115 million dollars (about 103 million euros) in the next two years, of which around half will be paid in 2019.

Cash payments include 95 million dollars (about 85 million euros) of financial support to Parter Capital for operational and capital expenses associated with the restart of electrolysis or the reindustrialization of plants.

. (tagsToTranslate) Parter (t) approximately (t) Alcoa (t) Aviles (t) Coruna

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