Monday, Jun 15, 2009
Alcoa (NYSE:AA) announced today that it has completed the divestiture of its wire harness and electrical distribution business to Platinum Equity, a California-based private equity group. Terms of the divestiture were not disclosed. The wire harness and electrical distribution business is the largest part of the Alcoa Electrical and Electronic Solutions business which the Company announced was for sale in January.
The divestiture of the Electrical and Electronic Solutions business is part of a multi-pronged effort to focus on businesses where Alcoa brings strong technical and parental advantage. The effort will provide better focus of resources on strategic businesses, improve financial performance and establish a strong foundation for growth.
