Alcoa Not Cutting Fastener Jobs
Alcoa Not Cutting Fastener Jobs
John Wolz
Alcoa Inc. added the word “commodity” to narrow the scope of its planned spinoff of now “commodity automotive fasteners businesses,” but a spokesperson said the company isn�t prepared to identify specific locations or facilities yet.
No fastener jobs are slated to be among the 8,000 jobs cut as another part of restructuring, corporate spokesperson Kevin Lowrey told FIN. Alcoa has 127,000 employees.
Lowrey said more details on selling the automotive fastener businesses “will be coming out later as we truly begin to market the businessess.”
Alcoa recently acquired the Fairchild Fasteners aerospace manufacturing business and combined it with Huck International to become Alcoa Fastening Systems.
The aerospace fastener business is not up for sale.
Alcoa announced January 8 that, as part of a restructuring, it will sell its specialty chemicals and packaging equipment operations in North America and some fabricated operations in South America in addition to automotive fasteners. All are businesses that “do not deliver superior returns.” Proceeds will be used to reduce debt. Web:
alcoa.com �2003 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment