Alumax Inc

Alumax Inc. to Close Aluminum Operation in Riverside: The company said it will close its aluminum sheet operations in Riverside and Morris, Ill., eliminating 600 jobs by year's end. The company had announced Feb. 4 that it would take an $88.3-million charge against earnings in the fourth quarter to restructure its Alumax Mill Products Inc. subsidiary, which employs 2,200 people. The Riverside plant will continue to produce cast plate aluminum products.

Aluminum Co. of America won Justice Department approval to acquire Alumax Inc. after agreeing to sell its caste plate plants, including one in Vernon, to ensure continued competition for the product. Without the divestitures, the $3.8-billion acquisition would give Alcoa a 90% market share in caste plate, which is used in machinery to make frozen-food packaging and aircraft and automotive parts. A consent decree outlining the proposed divestitures was filed in U.S.

Alumax Inc. said it will close an aluminum plate plant in Riverside by late April, eliminating 95 hourly and salaried jobs. The factory produces cast plate used in the tool-and-die, aircraft and machinery industries. The Norcross, Ga.-based aluminum producer said it will sell the 100,000-square-foot plant on 27 acres and keep its equipment. The factory's employees will be offered the chance to apply for other jobs at Alumax.

Aluminum Co. of America, the world's biggest aluminum producer, agreed Monday to buy rival Alumax Inc. for $3.8 billion in cash, stock and assumed debt. Alcoa would pay $50 a share in cash for half of Alumax's outstanding shares, a 36% premium to Alumax's closing price Friday, and exchange shares valued at $49.95 each, based on Friday's price, for the rest. It would also assume $1 billion in Alumax debt.

Aluminum Co. of America won Justice Department approval to acquire Alumax Inc. after agreeing to sell its caste plate plants, including one in Vernon, to ensure continued competition for the product. Without the divestitures, the $3.8-billion acquisition would give Alcoa a 90% market share in caste plate, which is used in machinery to make frozen-food packaging and aircraft and automotive parts. A consent decree outlining the proposed divestitures was filed in U.S.

Aluminum Co. of America, the world's biggest aluminum producer, agreed Monday to buy rival Alumax Inc. for $3.8 billion in cash, stock and assumed debt. Alcoa would pay $50 a share in cash for half of Alumax's outstanding shares, a 36% premium to Alumax's closing price Friday, and exchange shares valued at $49.95 each, based on Friday's price, for the rest. It would also assume $1 billion in Alumax debt.

Kaiser Aluminum Corp. on Thursday made public its bid for competitor Alumax Inc., in a deal valued at between $2.2 billion and $2.5 billion that would create the world's third-largest aluminum producer. Alumax earlier this month rejected the merger proposal from Houston-based Kaiser, which is controlled by Maxxam Inc., but it has indicated that it would consider a richer offer. There was no immediate response Thursday from Norcross, Ga.-based Alumax.

Alumax Inc., responding to Kaiser Aluminum Corp.'s unsolicited offer to buy the company for $2.2 billion to $2.5 billion in cash and stock, on Friday called the bid inadequate and said it is not seeking a sale. Investors shrugged off Alumax's response in the belief that the thriving Norcross, Ga.-based aluminum maker may consider a higher offer from Kaiser, an industry laggard and the smaller of the two companies, analysts said. Alumax shares soared 17%, closing up $5.625 at $38.

In the largest settlement yet in a long-running legal battle over toxic dumping at the Stringfellow Acid Pits, an aluminum manufacturer has agreed to pay $18 million to 3,800 residents of the nearby Riverside County community of Glen Avon. The tentative settlement with Alumax Inc., which is subject to court approval, was reached last week and announced Monday by Melvyn I. Weiss, a New York attorney who represents the residents.

Kaiser Aluminum Corp. has ended its effort to buy Alumax Inc. for between $2.2 billion and $2.5 billion, withdrawing a hostile bid that Alumax rejected last month before adopting a "poison pill" plan to deter the takeover. The move over the weekend marks the second time in a month that a hostile bidder in a major industry has been driven off by the threat of a protracted takeover battle. On Feb. 2, El Segundo-based Mattel Inc. withdrew a $5.2-billion offer for rival Hasbro Inc.

Alumax Inc. said it will close an aluminum plate plant in Riverside by late April, eliminating 95 hourly and salaried jobs. The factory produces cast plate used in the tool-and-die, aircraft and machinery industries. The Norcross, Ga.-based aluminum producer said it will sell the 100,000-square-foot plant on 27 acres and keep its equipment. The factory's employees will be offered the chance to apply for other jobs at Alumax.

Kaiser Aluminum Corp. has ended its effort to buy Alumax Inc. for between $2.2 billion and $2.5 billion, withdrawing a hostile bid that Alumax rejected last month before adopting a "poison pill" plan to deter the takeover. The move over the weekend marks the second time in a month that a hostile bidder in a major industry has been driven off by the threat of a protracted takeover battle. On Feb. 2, El Segundo-based Mattel Inc. withdrew a $5.2-billion offer for rival Hasbro Inc.

Alumax Inc., responding to Kaiser Aluminum Corp.'s unsolicited offer to buy the company for $2.2 billion to $2.5 billion in cash and stock, on Friday called the bid inadequate and said it is not seeking a sale. Investors shrugged off Alumax's response in the belief that the thriving Norcross, Ga.-based aluminum maker may consider a higher offer from Kaiser, an industry laggard and the smaller of the two companies, analysts said. Alumax shares soared 17%, closing up $5.625 at $38.

Kaiser Aluminum Corp. on Thursday made public its bid for competitor Alumax Inc., in a deal valued at between $2.2 billion and $2.5 billion that would create the world's third-largest aluminum producer. Alumax earlier this month rejected the merger proposal from Houston-based Kaiser, which is controlled by Maxxam Inc., but it has indicated that it would consider a richer offer. There was no immediate response Thursday from Norcross, Ga.-based Alumax.

Alumax Inc. to Close Aluminum Operation in Riverside: The company said it will close its aluminum sheet operations in Riverside and Morris, Ill., eliminating 600 jobs by year's end. The company had announced Feb. 4 that it would take an $88.3-million charge against earnings in the fourth quarter to restructure its Alumax Mill Products Inc. subsidiary, which employs 2,200 people. The Riverside plant will continue to produce cast plate aluminum products.

In the largest settlement yet in a long-running legal battle over toxic dumping at the Stringfellow Acid Pits, an aluminum manufacturer has agreed to pay $18 million to 3,800 residents of the nearby Riverside County community of Glen Avon. The tentative settlement with Alumax Inc., which is subject to court approval, was reached last week and announced Monday by Melvyn I. Weiss, a New York attorney who represents the residents.

Aluminum Co. of America said its third-quarter operating profit rose a better-than-expected 3.4% to $220.4 million, or $1.23 a diluted share, from a year ago, as cost-cutting offset lower metals prices. Sales rose 22% to $4.11 billion. The Pittsburgh-based natural-resources giant was expected to earn $1.06 a share, based on the average of estimates compiled by First Call Corp. The results for both periods exclude special items to adjust for the value of its aluminum contracts.

Superior Industries International in Van Nuys and Alumax Inc. have formed a joint venture to test production of aluminum automobile wheels using a new technology developed by Alumax. The new technology offers the possibility of producing wheels five to 10 times faster than present means, said R. Jeffrey Ornstein, a vice president of Superior, a leading maker of aluminum wheels for the major U. S. auto makers.