Kaiser Aluminum Corp. said Wednesday that it has agreed to buy substantially all of the assets of Alexco, LLC, a maker of hard alloy extrusions for the aerospace industry, for about $90 million.
Foothill Ranch, California-based Kaiser Aluminum, a maker of fabricated aluminum products, said it plans to fund the purchase of Chandler, Arizona-based Alexco with existing cash on hand. The transaction is expected to close in December 2010.
Jack Hockema, President, Chief Executive Officer and Chairman of Kaiser Aluminum, said, "Alexco is a well-established supplier of aerospace extrusions which will position Kaiser Aluminum in a significant market segment that provides a natural complement to our current offering of sheet, plate, cold finish and drawn tube products for aerospace applications. The facility will continue to be operated by its strong and experienced management team that has built a solid track record for steady, profitable growth over the past decade." In Wednesday's regular trading session, KALU is trading at $46.00, up $0.23 or 0.50% on a volume of 1,086 shares.
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