Alcan, Pechiney and algroup Announce Proposed Merger
11 August 1999
Alcan, Pechiney and algroup Announce Proposed Merger to Form World's Largest Aluminium Company and Global Leader in Both Flexible and Specialty Packaging
Three-Way Agreement Reached
-- Merger of three companies with combined 1998 sales and operating
revenues of $21.6 billion.
-- The combined equity capitalization of the merging companies was
approximately $19 billion as of market close yesterday.
-- World's largest aluminium company with combined 1998 aluminium and
trading revenues of $17.4 billion.
-- Most sustainable low-cost position in primary aluminium with
complementary aluminium fabrication systems in all major global end
uses, serving customers in industries such as aerospace, transport,
automotive and beverage can.
-- The global leader in both flexible and specialty packaging with
combined 1998 packaging revenues of $4.2 billion.
-- $600 million in estimated annual cost synergies to be substantially
achieved within two years, above and beyond profit improvement
initiatives already underway at each of the companies.
-- This three-way merger will be accomplished through two independent
exchange offers which the parties have agreed will be initiated by
Alcan. The exchange ratios to be offered have been set at
1.7816 Alcan shares for each Pechiney A share and 20.6291 Alcan shares
for each algroup share. In addition, Pechiney intends to pay a
special dividend to its shareholders at the time of, and conditional
upon, completion of the Alcan offer for the Pechiney shares. This
special dividend, together with Pechiney's annual dividend including
the payment by the company of the "precompte" tax, will represent to
its shareholders a gross amount of approximately $550 million
aggregate or $6.77 per share.
-- On completion of the three-way merger with the two offers being fully
accepted, the new combined company will be held 44 % by Alcan
shareholders, 29 % by Pechiney shareholders and 27 % by algroup
shareholders.
-- algroup will demerge its specialty chemicals and energy businesses to
shareholders prior to the merger being effected, and the demerged
company will be debt free with $280 million in cash. Of this
$280 million, approximately $170 million represents a special payment
incident to the three-way merger, conditional upon completion of the
three way merger.
-- The new group will be led by Mr. Jacques Bougie as Chief Executive
Officer and Mr. Jean-Pierre Rodier as President and
Chief Operating Officer.
-- A Canadian corporation with legal headquarters in Montreal and
regional headquarters in Europe. Office of the CEO will be in
New York City.
-- Targeted time frame of approximately six months for completion.
MONTREAL, PARIS and ZURICH, Switzerland, Aug. 11 -- Alcan
(Toronto: AL), Pechiney (PARIS: PY) and algroup
(SWX: ALUN), today jointly announced that they have reached agreement on the
principal terms of a proposed merger of the three companies. This three-way
merger will create the world's largest aluminium company and the global leader
in both flexible and specialty packaging.
The combined company, which will temporarily be referred to as
Alcan-Pechiney-algroup (A.P.A.), will be a Canadian corporation. Its legal
headquarters will be in Montreal with regional headquarters in Europe. The
office of the CEO will be in New York City. A.P.A. employs approximately
91,000 people in 59 countries around the world to serve increasingly global as
well as regional customers. On a combined basis, excluding American National
Can , recently divested by Pechiney, and algroup's chemicals
business, to be demerged, A.P.A had total combined 1998 sales and operating
revenues of approximately $21.6 billion, pre-interest and tax profits of
$1.5 billion and total capital employed of $14.0 billion. A.P.A. will be
listed on the New York, Toronto, Paris, Zurich and London Stock Exchanges.
Alcan is a member of the Standard & Poor's 500 index.
The three-way merger will be accomplished through two independent exchange
offers, which the parties have agreed will be initiated by Alcan subject to
approval of the new share issuance by Alcan's shareholders. Pechiney
shareholders will be entitled to receive 1.7816 Alcan ordinary shares for each
Pechiney A share, 1.9598 for each preferred share and 0.8908 for each American
Depository Receipt. Algroup shareholders will be entitled to receive
20.6291 Alcan ordinary shares for each algroup registered share. Subject to
the approval of the shareholders meeting, Pechiney will pay a special dividend
to its shareholders at the time of, and conditional upon, completion of the
offer for the Pechiney shares. This special dividend, together with
Pechiney's usual annual dividend including the payment by the company of the
"precompte" tax, will represent a gross amount of approximately US$550 million
aggregate or US$6.77 per share.
On completion of the three-way merger and assuming full acceptance of the
exchange offers, Alcan shareholders will hold approximately 44%, Pechiney
shareholders will hold approximately 29%, and algroup shareholders will hold
approximately 27%, on a fully diluted basis, of the share capital of A.P.A.
The parties intend that the exchange offers for the shares of Pechiney and
algroup be launched and completed within approximately six months, subject to
regulatory requirements, approval of the new share issuance by Alcan's
shareholders and other customary conditions.
Separately, algroup today announced that it is demerging 100% of its
chemicals and energy businesses to existing shareholders in a tax-free
transaction, and the de-merged company will be debt free with approximately
$280 million in cash. Of this $280 million, approximately $170 million
represents a special payment incident to the three-way merger, conditional
upon completion of the three-way merger. This demerger will be effected in
advance of the completion of the exchange offer for the shares of algroup.
The chemicals business represented approximately 21 % of algroup's 1998
revenues. As previously announced, Pechiney recently sold 54.5 % of its
beverage can business (American National Can) through an initial public
offering. The remaining 45.5 % stake is expected to be divested by A.P.A. in
due course.
Jacques Bougie, President and CEO of Alcan, said: "This industry
redefining combination will create great value for the shareholders of all
three companies. It will establish the new world leader in aluminium, with
complementary operations and technologies, a sustainable superior low-cost
position in primary aluminium, superior aluminium fabricating positions
globally, and superior positioning for future low-cost growth and expansion.
It will also create the world's leading flexible and specialty packaging
business. The consolidation of the three companies will permit us to realize
more than $600 million in potential annual synergies, over and above existing
profit improvement programmes already underway at all three companies."
Added Jean-Pierre Rodier, Chairman and CEO of Pechiney: "This is a bold
and logical step in two consolidating industries. It creates an exciting new
vehicle for our shareholders and allows Pechiney to develop its primary
aluminium business beyond its existing base and to optimize its overall
fabricating position. The new company will also benefit by having balanced
revenues from Europe and North America. Additionally, combining Pechiney and
algroup's highly complementary packaging businesses creates the global leader
in flexible and specialty packaging with a strong financial base and leading
positions in attractive growth business areas including pharmaceuticals, food
and cosmetics."
Said Sergio Marchionne, CEO of algroup: "This is an exceptional
opportunity for our shareholders who will have the opportunity to participate
in the upside of a new global powerhouse in both aluminium and packaging. In
addition to realizing significant synergies, the merger will optimize A.P.A's
use of capital and is expected to achieve significantly improved returns on
invested capital."
A Bold Step That Redefines Two Global Industries
With complementary operations and leading technologies in primary metals
and aluminium fabrication, A.P.A. will be the world's largest aluminium
company, with combined pro forma 1998 aluminium and trading segment revenues
of $17.4 billion. The company will have a unique strategic position in the
global marketplace.
Primary Aluminium
A.P.A. will be the world's largest low-cost primary producer:
-- 11 bauxite mines and 10 alumina refineries
-- 27 smelters on 6 continents
-- Control of 3.3 million tonnes of global smelting capacity
(including under construction)
-- 2 million tonnes of smelting capacity in lowest third of cost curve
(including under construction)
Fabricated Aluminium
A.P.A. will also be the world's largest aluminium rolling company:
-- 45 Sheet/Light gauge facilities on 4 continents; 2,733 kt shipments in
1998
-- 24 other fabrication facilities: 435 kt other fabricated product
shipments in 1998
-- Leading supplier to key industries such as aerospace, automotive,
other transport, and beverage can
-- World class facilities in each of the world's major market regions
(North America, Europe, Asia and South America)
The merger will enable A.P.A. to pool technological expertise, customer
knowledge and know-how in rolled products, thereby better serving customers.
In the automotive industry, where the use of aluminium is fastest growing, the
combined company will be a world leader in serving customers in both North
America and Europe. In aerospace, A.P.A. will also be a leading player with
strong customer relationships worldwide. In can sheet, which is the largest
application for aluminium sheet, A.P.A. will be a significant industry leader.
Aluminium Technology
A.P.A. will set the global standard in R&D and new product development,
with leadership positions in several key areas including:
-- Alumina refining
-- Smelting cell technology
-- Aluminium rolling
-- Automotive applications
-- Continuous strip caster technologies
Flexible and Specialty Packaging
The merger also creates a significant world leader in both flexible and
specialty packaging with combined 1998 sales of $4.2 billion. By bringing
together two best-in-class packaging companies, A.P.A. will have leading
positions in each of its chosen business areas. Key operating metrics of the
combined packaging business are as follows:
-- #1 supplier to pharmaceutical customers
-- #1 supplier to personal care customers
-- #1 supplier to food flexibles customers
-- #1 supplier to cosmetics customers
-- #2 supplier to tobacco packaging customers
-- Geographically balanced with approximately half of combined revenues
coming from each of Europe and North America
-- 159 facilities globally
The combined packaging business will provide A.P.A. with significant
earnings power and a platform from which the combined company can aggressively
pursue opportunities.
Compelling for Customers
Customers of the aluminium and specialty packaging industries are
themselves consolidating while also becoming increasingly global in terms of
the scope of their operations. These larger, more global customers, as well
as regional customers, are seeking full service suppliers with the scale to
meet their needs. Aluminium customers will benefit from working with a
company that has a sustainable low-cost position, superior R&D and
technological capabilities, and the capacity and reach to address aluminium
fabrication needs in any region. Packaging customers will benefit from
A.P.A.'s position as the leading supplier in virtually all of its chosen areas
of business. As the most global aluminium and specialty packaging company,
A.P.A. will be positioned to work with customers anywhere in the world to
address their needs with existing products and the development of new
technologies and applications.
Compelling for Shareholders
The managements of all three companies are committed to this three-way
merger and to quickly capturing the additional potential value it creates for
their shareholders. It is expected that the combination will realise over
$600 million in annual cost savings that will be substantially achieved within
24 months of closing. The main sources of the synergies are from a reduction
of selling, general and administrative expenses (SG&A), purchasing and
optimizing R&D efforts as well as plant operations. Roughly 80 % will be
generated from the aluminium operations with the remainder derived from
packaging.
-- SG&A and Purchasing -- Savings potential in combining various
corporate and head office functions, trading, sales, distribution and
staff support. Substantial purchasing synergies.
-- Operations and R&D -- Savings through optimization of production and
reloading of facilities, extension of production runs and improvement
of customer lead-time. Combining research facilities, technical
services and IT functions.
The preliminary estimates of the synergies include the possible reduction
of approximately 5 % of the combined global workforce. The one-time cash cost
of achieving these synergies will be approximately $600 million.
The published accounts of A.P.A. will be prepared in US Dollars in
accordance with Canadian Generally Accepted Accounting Principles (GAAP) and
with US GAAP reconciliation. A.P.A. expects to account for the merger,
assuming completion, using the pooling of interests method under Canadian
GAAP. A.P.A. will use EVA(TM) as a key measure of performance and value
creation for shareholders.
Combined Earnings Before Interest, Tax, Depreciation and Amortization
(EBITDA) for A.P.A. for 1998 at an average aluminium metal price of
$1,380 per tonne on the London Metals Exchange (LME), and excluding businesses
that have since been disposed, on a pro-forma basis, totaled $2.5 billion.
With expected annual synergies of $600 million pre-tax, in addition to the
earnings improvement programmes in place at each of the companies, the
objective of A.P.A. is to achieve EBITDA by the year 2002 of $4.2 billion at a
metal price of $1380 per tonne. This represents a pre-tax improvement of
approximately $3.40 per share on the proposed share capital of A.P.A. For
every $100 per tonne change in the metal price, A.P.A. would have a
$330 million pre-tax impact on profits.
Clear Management Leadership and Talented Pool of Employees
A.P.A. will be able to draw on a pool of global talent with approximately
91,000 employees in 59 countries. A.P.A. will be led by the Chief Executive
Officer, Jacques Bougie, and the President and Chief Operating Officer,
Jean-Pierre Rodier.
Upon completion of the three way merger, the Board will be composed of the
following twelve members drawn equally from the three companies:
Alcan Nominees Pechiney Nominees algroup Nominees
Mr. Jacques Bougie Mr. Etienne Davignon Mr. Martin Ebner
Mr. Travis Engen Mr. Jean-Francois Dehecq Mr. Rupert Gasser
Dr. John R. Evans Mr. Yves Mansion Mr. Willi Kerth
Mr. Guy Saint-Pierre Mr. Jean-Pierre Rodier Mr. Sergio Marchionne
Dr. Evans will be acting as non-Executive Chairman of A.P.A. In addition,
the three board committees will be chaired as follows: Governance (Dr. Evans);
Audit (Mr. Mansion) and Human Resources and Compensation (Mr. Marchionne).
It is intended that Mr. Bougie will retire as CEO after about two years,
when the successful integration of the three companies is expected to have
been completed. It is intended that Mr. Rodier will then take over as CEO.
This combination of complementary businesses, management experience,
skilled employees and strong professional cultures will enable the employees
of all three companies to be part of a more dynamic global enterprise and to
benefit from significant opportunities for growth and development.
Transaction Process
Today's announcement has been made on the basis of a Memorandum of
Understanding ("MoU") that has been entered into by three companies, having
been approved by their boards. Alcan and algroup have also entered into a
definitive two-way combination agreement, and it is expected that, following
consultations to take place shortly with the relevant Pechiney's Workers
Councils of France, the parties will enter into a definitive three-way
combination agreement. The initial two-way combination agreement provides for
aggregate break-up fees of $100 million with the three-way agreement expected
to provide for total break-up fees of $150 million.
The two offers by Alcan will be subject to the approval by its
shareholders of the new shares to be issued. The launching and completion of
the offers will be subject to various conditions including regulatory
clearances, and each of the two offers will provide for a minimum acceptance
threshold of 67 %. However, neither of the two exchange offers will be
conditional upon the completion of the other. Consequently, a possible
outcome is that only one of the two offers would be completed.
Algroup intends to effect a tax-free demerger of 100 % of its chemicals
business to existing shareholders. The demerger is required to be completed
prior to the completion of the exchange offer for algroup.
The parties have a target time frame of approximately six months for the
completion of all aspects of the merger.
Alcan was advised by Morgan Stanley Dean Witter, Pechiney was advised by
Credit Suisse First Boston and Rothschild & Cie. and algroup was advised by
Goldman Sachs International.
The statements contained in this press release, particularly those
regarding synergies, performance, costs, divestments, and growth are or may be
forward-looking statements and reflect each management's current analysis and
expectations, based on reasonable assumptions. Actual results may differ
materially from the statements made depending on a variety of factors,
including business climate, economic and competitive uncertainties, higher
manufacturing costs, reduced level of customer orders, risks in developing new
products and technologies, environmental and safety regulations and clean-up
costs, obtaining final regulatory approvals in a timely manner and in expected
form, whether or not either or both of the two exchange offers are completed
and the successful integration of the operations of each of the three
companies. Additional information concerning factors that could cause actual
results to differ materially from those in the forward-looking statements are
contained in the relevant securities regulatory filings and financial
statements of each of the respective companies. This press release does not
constitute an offering of securities, which may be made by prospectus only.
Note:
All dollar amounts are stated in U.S. dollars.
All tonnages are stated in metric tonnes, equivalent to 2.204.6 pounds.
All figures are unaudited.
ANALYSTS/INVESTORS/MEDIA MEETINGS
The following meetings have been scheduled for Wednesday, 11th August 1999
London: Financial Dynamics, Holborn Gate, 26 Southampton Buildings,
LONDON WC2A 1PB
0930 BST European Analysts and Investor Presentation
1300 BST Press Conference for all media
1430 BST US Analysts and Investor Meeting
Non-London based analysts are invited to attend this meeting
should they wish to travel to London. There will be a live
satellite link with analysts and investors in New York.
Teleconference call facilities are available for all these meetings and
details of the relevant telephone numbers can be sourced by contacting
Financial Dynamics on +44 171 269 7246
************
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0930 EST US Analysts and Investor Meeting
(Live satellite link up with London presentation plus
teleconference via +1 800 837 5450; +1 212 896 6022)
************
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1400 ECT Media Conference
Video link with London media conference
************
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Appendix
PART I: KEY FINANCIAL FIGURES
Key 1998 Figures Alcan, Pechiney and algroup (unaudited)
(in millions $)
Alcan Pechiney* Algroup * Combined
Sales and Operating
Revenues 7,800 8,600 5,200 21,600
Aluminium and Trading 7,800 6,700 2,900 17,400
Packaging -- 1,900 2,300 4,200
EBITDA 1,170 710 670 2,550
Aluminium and Trading 1,220 530 350 2,100
Packaging -- 220 320 540
Other (50) (40) -- (90)
EBIT 710 420 400 1,530
Aluminium and Trading 770 360 230 1,360
Packaging -- 100 180 280
Other (60) (40) (10) (110)
Capital Expenditures 880 370 350 1,600
Capital Employed 7,600 4,100 2,500 14,200
(Total Equity,
Deferred Income Taxes,
Minority Interest
and Total Debt
less Cash
and equivalents.)
Total Debt less Cash
and equivalents 1,170 1,480** 1,250 3,900
* Adjusted for the disposition of American National Can in the case of
Pechiney and the chemicals business in the case of algroup.
** Assuming payment of special dividend
NOTE: Above figures are indicative only, as differences in accounting
principles and policies have not been harmonized.
Alcan has 222.4 million shares outstanding, Pechiney has 82.1 million A
shares and 1.1 million B shares outstanding and Switzerland has
6.6 million shares outstanding (all on a fully diluted basis). A.P.A.
will have 505.6 million fully diluted shares outstanding.
PART II: ADDITIONAL INFORMATION
Consultation of Pechiney's Workers Councils
Pechiney will undertake appropriate consultation with its Workers
Councils.
Pechiney has today sent notice to its Workers Councils to advise of this
transaction and to seek consultation meetings with their representatives.
Once this consultation process has been completed, Pechiney will be able
to sign a binding combination agreement with the other two parties.
algroup's chemicals demerger
algroup announced today that it will demerge its chemicals business into a
separate company. Swiss regulatory authorities have approved this
transaction as a tax-free rollover to algroup shareholders. It is
intended that the new chemicals company will be listed on the Zurich
exchange by the end of October. Each algroup shareholder will receive one
share of this new chemicals company for each share held in algroup.
Pechiney's American National Can IPO
On July 28, 1999, Pechiney, through an Initial Public Offering sold 54.5 %
of its holding in ANC in return for net proceeds of $484.5 million. The
remaining 45.5 % is expected to be divested by A.P.A. in due course.
Regulatory requirements
A.P.A. plans to fulfill all regulatory filing obligations in all relevant
jurisdictions.
These include European Union's Merger Regulation review as well as US
Hart-Scott-Rodino competition review.
Company name
No decision has been made regarding a new name for the combined company.
This matter will be reviewed during the transaction process. Meanwhile,
the company will be referred to as A.P.A.
Indexation
Alcan is a member of the Standard & Poor's 500 index.
Independence of exchange offers
The parties intend a merger of the three companies, however each of the
exchange offers will be independent and not conditional on the completion
of the other. Consequently, it is expected that the offers will not be
completed at the same time and it is possible that one could be completed
without the other.
Taxation
The exchange offer is expected to be a tax-free event for most
shareholders of Pechiney and algroup.
PART III: A.P.A. OPERATIONS
The operating metrics for A.P.A. on a combined basis are as follows:
Primary Aluminium
-- 11 bauxite mines and 10 alumina refineries
-- 27 smelters on 6 continents
-- Control of 3. 3 million tonnes of global smelting capacity
(including under construction)
-- 2 million tonnes in lowest third of cost curve
(including under construction)
-- 1998 combined Revenue: $4.6 billion
-- 1998 combined EBIT: $750 million
Global Fabricated Aluminium
-- 45 Sheet/Light gauge facilities on 4 continents; 2,733 kt shipments in
1998
-- 24 other fabrication facilities: 435 kt other fabricated products
-- Leading supplier to key industries such as aerospace, automotive,
other transport and beverage can
-- World class facilities in each of the world's major market regions
(North America, Europe, Asia and South America)
-- 1998 combined Revenue: $9.3 billion
-- 1998 combined EBIT: $580 million
Flexible and Specialty Packaging
-- #1 supplier to pharmaceutical customers
-- #1 supplier to personal care customers
-- #1 supplier to food flexibles customers
-- #1 supplier to cosmetics customers
-- #2 supplier to tobacco packaging customers
-- Geographically balanced with approximately half of combined revenues
coming from each of Europe and North America
-- 159 facilities globally
-- 1998 combined Revenue: $4.2 billion
-- 1998 combined EBIT: $280 million
A.P.A. Total
-- 1998 combined Revenue: $21.6 billion
-- 1998 combined EBIT: $1.5 billion
-- Employees approximately 91,000
PART IV: DEAL HIGHLIGHTS
-- A.P.A. will be the world's largest aluminium company and the global
leader in both flexible and specialty packaging.
-- A.P.A. will be the world's largest low-cost producer controlling
2 million tonnes of smelting capacity in the lowest third of the cost
curve.
-- A.P.A.'s specialty packaging segment will have leading global
positions in each of its chosen business areas.
-- A.P.A.'s aluminium fabrication segment will include the world's
largest aluminium rolling system and make A.P.A. the only company with
world class can sheet capable rolling assets in each of the world's
major market regions (North America, South America, Europe, and Asia).
-- A.P.A. will be well positioned to grow and serve customers in the
aerospace, transport, automotive, and beverage can industries.
-- A.P.A. will have global leadership in several areas of R&D and product
development:
Alumina refining technology
Smelting Cell technology
Aluminium rolling technology
Automotive applications technology
Continuous strip caster technology
Therefore, A.P.A. will be uniquely positioned to offer customers high
quality aluminium products and solutions on a global basis.
-- The $600 million annual synergy estimate is over and above the
earnings improvement programmes in place at each of the companies.
-- The proposed merger is the largest in the history of the aluminium
industry.
-- The proposed merger is the largest in the history of the specialty
packaging industry.
PART V: COMPANIES AT A GLANCE
Alcan at a Glance
Headquartered in Montreal, Canada, Alcan is one of the most international
aluminium companies in the world. It has operations and sales offices in more
than thirty countries, and employs approximately 39,000 people.
Alcan is involved in nearly every stage of the aluminium industry from
mining to recycling. It has eight bauxite mines in six countries, totaling
about 400 million tonnes of demonstrated bauxite reserves. Its smelter system
is among the lowest cost in the world with almost 1,700 kt of annual capacity,
mostly drawing on its own hydroelectric power resources. The new Alma smelter
currently under construction will increase this total by over 300 kt. It is a
leading producer of flat rolled products used in beverage cans, automotive and
other sectors, supplied by its world class aluminium rolling mills in North
America, Europe and Brazil. It also has a growing participation in the
recycling industry with annual recycling capacity of 772,000 tonnes.
During the past five years the company has refocused its activities on its
core business of primary aluminium and world class fabrication. It has
divested more than 55 businesses, using the proceeds to strengthen its balance
sheet and invest in its high quality, low-cost smelting and fabrication
system. During the same period, Alcan became an EVA(TM) company, requiring
all its operations and investments to be value-creating for its shareholders.
In 1998, Alcan's sales and operating revenues were approximately
$7.8 billion contributing to a net income of $399 million. The principal
markets for trading in Alcan's common shares are the New York and Toronto
stock exchanges. The common shares are also traded on the Montreal,
Vancouver, Chicago, Pacific, London, Paris, Brussels, Amsterdam, Frankfurt and
Swiss stock exchanges.
Pechiney at a Glance
Pechiney is a worldwide industrial company based in France with two core
businesses, aluminium (production and fabricated products) and packaging
materials, in both of which it holds leading positions.
It is the fourth largest producer of primary aluminium in the world and
the second largest producer of technical flat products for the aerospace and
transportation industries. It is also a global leader in electrolysis
technique: 80 % of the world's recent smelting capacity has used Pechiney
technology. Pechiney is the world's foremost packaging manufacturers. It is
the world's largest producer of flexible tubes and also the world's largest
manufacturer of deluxe cosmetics packaging.
With Challenge, an ambitious cost saving plan, made by Pechiney since
1996, the Company reduced its costs by 15 % while ensuring planned investments
in each of its businesses.
Pechiney reported net sales of 9.8 billion euros ($10.9 billion) in 1998.
Pechiney's shares are traded on the Paris Stock Exchange, its American
Depository Receipts are traded on the New York Stock Exchange under the symbol
PY.
algroup at a Glance
algroup's core businesses focus on aluminium, packaging and chemicals
encompassing a wide reach of technologies from the mining of bauxite to the
manufacture of active ingredients for some of today's most innovative
pharmaceutical drugs. algroup employs some 29,500 people in Europe, the
Americas, Asia and Australia.
algroup is based in Zurich, its shares are traded on the SWX Swiss
Exchange.
The aluminium businesses of algroup reach from bauxite to finished
products and are supported by strong R&D, engineering and product development
resources. Its anode plant in Rotterdam is the world's biggest and supplies
smelters throughout the global aluminium industry, while in fabricated
products it is number one worldwide in the production of aluminium semis and
composites for the automotive, mass transportation and construction
industries. Other key areas include industrial markets such as display,
machinery and electrotechnics.
In packaging, algroup is a world leading supplier of packaging for the
pharmaceutical and cosmetics industry with a wide range of products and has
established partnerships with industry leaders around the world.
algroup is also a leading manufacturer of flexible packaging for the food
and beverage markets including foils, paper and specialty films, and supplies
the tobacco industry with a broad range of packaging products. Through
algroup Lawson Mardon and algroup Wheaton, algroup services customers in North
America and increasingly the emerging markets of central and eastern Asia.
It holds a leading position in fine chemicals and biotechnology with
advanced intermediates and active ingredients for the pharmaceutical and agro
industry, as well as intermediates and additives for a variety of industrial
applications. In view of the merger the chemicals and energy businesses of
algroup will be demerged.
Contacts for Further Information
ALCAN
Investor Relations: Media Relations:
Alan Brown (514-848-8368) Marcel Barthe (514-848-8100)
PECHINEY
Investor Relations: Corporate Communications:
Francois-Jose Bordonado Jean-Claude Nicolas
(33-1-5628-2507) (33-1-5628-2422)
ALGROUP
Investor Relations: Corporate Communications:
Michel Gerber (41-1-386-2314) Christine Menz (41-1-386-2495)
SARD VERBINNEN & CO FINANCIAL DYNAMICS
Paul Verbinnen (44-207-269-7243 / 7244 / 7245)
(212-687-8080) (44-207-269-7246 / 7247 / 7248 / 7249)