Kaiser Aluminum to buy Alexco assets for $90M

Kaiser Aluminum Corp. said Wednesday it bought the assets of aerospace industry supplier Alexco LLC for $90 million.

Kaiser said it will pay for the acquisition with cash on hand and expects the deal to close in December.

The company said Alexco's hard alloy extrusions would complement Kaiser's sales of aluminum products for aerospace companies. Aluminum extrusions are used in the production of many products, including airplane wings and fuselages, automotive parts and drilling equipment.

Alexco is based in Chandler, Ariz.

Kaiser shares rose 34 cents to close at $46.11.