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BUSINESS
July 11, 2006 | From the Associated Press
Aluminum producer Alcoa Inc. on Monday said second-quarter profit ballooned 62% as higher aluminum prices and strong demand from the aerospace and construction industries boosted results. Net income surged to $744 million, or 85 cents a share, from $460 million, or 52 cents, a year earlier. The recent results include charges of $35 million, or 4 cents a share, related to the ratification of a U.S. labor contract and the costs of preparing for a potential work stoppage during the quarter.
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BUSINESS
January 3, 2001
* Black & Decker Corp., for the first time in its 90 years, is without a Decker. Former Chairman and Chief Executive Alonzo G. Decker Jr., son of the co-founder and a director for 60 years, retired, the company said. Decker, who turns 93 on Jan. 18, started working at the world's biggest power-tool maker at 14. He started his full-time job in 1930 after earning an electrical-engineering degree from Cornell University.
BUSINESS
July 13, 1987
Aluminum Co. of America said its results will be lowered by $165.7 million, with most of the writedown coming from further plant closings. The nation's largest aluminum producer took a $175-million charge in cutting its smelting capacity by nearly one-fourth. The latest production cuts reflect a continuing effort throughout the domestic aluminum industry to eliminate older, less efficient equipment and thereby reduce production costs.
BUSINESS
July 7, 1994 | From Times Staff and Wire Reports
Alcoa in $5.4-Billion Deal: Western Mining Corp. Holdings of Australia and Aluminum Co. of America announced a $5.4-billion deal that will create the largest aluminum producer in the world. Under its terms, the companies will combine their global alumina, alumina-based chemicals, bauxite and shipping interests. The combined group will have 25% of the world market for alumina--the silvery powder that is refined from bauxite ore and smelted into aluminum metal.
BUSINESS
January 4, 1996 | Times Staff and Wire Reports
Alcoa Unit Outlines San Diego Layoffs: Alcoa Electronic Packaging Inc. said it will lay off virtually all of its roughly 600 regular employees on March 3 and that it has terminated its agreement covering another 600 contract employees. All of the employees work at the company's San Diego plant, which makes ceramic packages for microprocessors. Alcoa Electronic Packaging said the job cuts follow its Dec. 21 announcement that computer chip maker Intel Corp.
BUSINESS
July 6, 1996 | Times Staff and Wire Reports
Alcoa 2nd-Quarter Earnings Fall: Profit from operations of the world's largest aluminum producer fell to $172.2 million, or 99 cents a share, compared with net income of $219.4 million, or $1.23, in the year-ago period. A previously announced charge of $40 million for the shutdown of Aluminum Co. of America's ceramic operations in San Diego led to net income of $132.2 million, or 76 cents a share. Per-share earnings were lower than the $1.11 average forecast of 15 Wall Street analysts.
BUSINESS
March 15, 2000 | Reuters
Alcoa Inc. said that it will acquire Cordant Technologies Inc. for $2.3 billion in a deal that would give the world's largest aluminum company a stronger presence in aerospace and automotives, plus new access to the burgeoning market for industrial gas turbines. The acquisition of the aerospace and industrial technology company would boost Alcoa revenue to $23.5 billion from $16.3 billion when added to Alcoa's pending merger with Reynolds Metals Co.
BUSINESS
August 20, 1999 | From Reuters
Reynolds Metals Co. on Thursday accepted a sweetened $4.4-billion, all-stock bid from Alcoa Inc., the world's top aluminum producer, swiftly ending a hostile takeover in the long-depressed industry. The transaction came just four days after Reynolds, the third-largest aluminum producer, rejected a $4.1-billion cash-and-stock bid from Alcoa and said it would explore a sale. With the purchase of Reynolds, Alcoa would retain its spot as the No.
BUSINESS
August 17, 1999 | From Reuters
Alcoa Inc. said Monday that it planned to launch a hostile $4.2-billion bid for rival Reynolds Metals Co., which rejected a friendly cash-and-stock offer. Pittsburgh-based Alcoa, the world's largest producer of aluminum, said it will launch a cash tender offer this week for Reynolds' 64.4 million outstanding shares, seek to remove the company's anti-takeover defense and try to oust its 11-member board. The move came a day after Richmond, Va.-based Reynolds, the No.
BUSINESS
August 16, 1999 | From Times Wire Services
Reynolds Metals Co. on Sunday rejected a multibillion-dollar takeover bid by Alcoa Inc. as inadequate, a decision that is likely to set off a bidding scramble for the No. 3 aluminum manufacturer.
BUSINESS
August 14, 1999 | From Times Wire Services
Reynolds Metals Co. got an all-cash takeover offer from a small investment firm, Michigan Avenue Partners, that rivals a half-cash, half-stock offer from Alcoa Inc., the investment firm said. The value of the offer for North America's No. 3 aluminum producer wasn't disclosed, though Chicago-based Michigan Avenue Partners said its offer beats the Alcoa bid. Alcoa valued its offer at $5.6 billion, without providing additional details. At $65 a share, the deal would be worth only $4.
BUSINESS
August 12, 1999 | JAMES F. PELTZ, TIMES STAFF WRITER
The struggling world aluminum industry was thrown into tumult Wednesday when its biggest producer, Alcoa Inc., launched an unsolicited bid to buy U.S. rival Reynolds Metals Co. only hours after aluminum producers in Canada, France and Switzerland unveiled their own merger plans.
BUSINESS
January 5, 1999 | Associated Press
Mergers, corporate spinoffs and name changes effective Monday may affect the newspaper stock listing you've followed for years. These changes in The Times' stock market tables and those of other newspapers are among the notable moves: * The takeover of Amoco Corp. by British Petroleum Co. was completed as 1998 ended. The new company is called BP Amoco, with a ticker symbol of BPA; the name appears in The Times' New York Stock Exchange list as BP Amoco.
BUSINESS
October 7, 1998 | Bloomberg News
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.
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