Eighteen months ago Alcoa announced it was going to sell its
Kawneer North America business. Since that time numerous rumors
have circulated about potential buyers. Alcoa has put an end to
those rumors with an announcement dated July 9 that it has decided
to not sell Kawneer.
"The success of a similar Alcoa business in Europe, where
we have quadrupled revenues and exceeded our financial targets
over the past five years, convinced Alcoa to review its original
to sell Kawneer in North America," wrote
David W. Schlendorf, president Alcoa Building & Construction
Systems, in a letter to customers dated July 14.
Alcoa has instead created a new Building and Construction Systems
business that will combine its European building and construction
systems business with the Kawneer operations. The new business
will be based in Geneva, Switzerland and will report to Schlendorf.
It will be part of the Alcoa Europe group of companies.
"The new business combines our capabilities from both sides
of the Atlantic to put Alcoa in the position to serve customers
and capture opportunities on an international scale," said
Current Kawneer employees will remain employed by Alcoa. Bill
Cralley, who served as president of Kawneer, is no longer employed
by the company.