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 decision … 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 Schlendorf.

Current Kawneer employees will remain employed by Alcoa. Bill Cralley, who served as president of Kawneer, is no longer employed by the company.