From TheDeal.com
PITTSBURGH — Alcoa Inc. has finally found a buyer for its automotive fasteners business, agreeing to sell the unit more than a year after putting it on the block.
The Pittsburgh-based company said it would sell the business to a group led by Robert Kaminski for an undisclosed price. Kaminski is the former CEO and owner of Continental/Midland, one of the fastener maker’s predecessor companies. Terms of the deal were not disclosed.
The deal includes former Continental/Midland facilities in Park Forest, Ill., and Valparaiso, Ind.; a former Jacobson Manufacturing Co. plant in Medina, Ohio; and MSD Stamping of Livonia, Mich. Combined, the plants have about 600 employees and generated sales of more than $100 million in 2003.
The assets to be purchased have switched hands a number of times in recent years. Alcoa bought the businesses as part of its March 2000 purchase of Cordant Technologies Inc. for $2.9 billion. In addition to the automotive fasteners assets, Cordant made components and solid rocket propulsion systems for aerospace and commercial customers.
Cordant purchased Jacobson Manufacturing in May 1998 for $270 million and added Continental/Midland Group a year later.
Kaminski ran privately held Continental/Midland from 1986 until its sale in 1999.
Copyright 2004 The Deal, LLC. All Rights Reserved.
_______________________________________
Click here to view the rest of today’s headlines.
