PENSKE TO FURTHER STRENGTHEN ALCAN'S COMPOSITES PORTFOLIO
"The addition of Penske Composites, LLC would strengthen Alcan's portfolio of structural core materials by enhancing its product offering and providing customers with the broadest product range for core materials in the industry," said Georg Reif, President, Alcan Composites. "This acquisition would also give Alcan further entry into developing markets, currently served by other Alcan Composites product lines in the display and sandwich construction industries," he added.
Structural core materials are used in composite sandwich construction, a proven engineering concept that offers unique high performance and lightweight design properties. Penske Composites, LLC's "Xtreme" heavy density fibre reinforced products are well recognized in the U.S. marine and industrial markets as structural core "cut parts" for transoms and stringer systems, and can be used as a core material in composite sandwich layers or as a self supporting system.
Penske Composites, LLC's recently introduced low density scrimmed and scored product will compliment Alcan's existing AIREX(R), BALTEK(R) and KAPEX (R) lines of structural core materials to support the increasing global demand for core material products in the marine, mass transportation, wind-power generation and aerospace markets. Penske Composites, LLC is located in Mount Juliet, Tennessee. It recorded US$4.6 million in 2005 revenues and employs 36 people.
"We are pleased to have found a strategic buyer in Alcan," said Herman Novak, Executive Vice President, Penske Composites, LLC. "I am convinced that Alcan's marketing and sales organization will help the business to substantially improve its market position as the demand for core material products continues to grow," he added.
Alcan Inc. (NYSE: AL) (TSX: AL) is a leading global materials company, delivering high quality products and services worldwide. With world-class technology and operations in bauxite mining, alumina processing, primary metal smelting, power generation, aluminum fabrication, engineered solutions as well as flexible and specialty packaging, today's Alcan is well positioned to meet and exceed its customers' needs. Alcan is represented by 65,000 employees in 61 countries and regions, and posted revenues of US$20.3 billion in 2005. The Company has featured on the Dow Jones Sustainability World Index consecutively since 2003. For more information, please visit: www.alcan.com.
Statements made in this press release which describe the Company or management's objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of securities laws. The Company cautions that, by their nature, forward-looking statements involve risk and uncertainty and that the Company's actual actions or results could differ materially from those expressed or implied in such forward-looking statements or could affect the extent to which a particular projection is realized. Reference should be made to the Company's most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K for a list of factors that could cause such differences.