Alcoa has Unnamed Buyer for Cast Wheel Business

According to two published sources, Alcoa Inc. has agreed to sell its cast wheels operations, as it announced earlier this year it intended to do. However, the aluminum producer declined to name either the buyer or the terms of the sale. The news follows Alcoa’s announcement that it has agreed to sell its wire harness and electrical distribution operations to a private equity firm, Platinum Equity LLC. The value of that sale also was not disclosed. Along with the cast wheels operations, Alcoa announced in January that it would sell its aluminum foil, European transportation products, and electrical and electronic systems business, of which the wire harness and electrical distribution operations are a significant part. Alcoa’s Cast Wheels includes a metalcasting plant in Beloit, WI, which produces wheels for commercial vehicle, truck, motorcycle, and automotive markets. In December, it was revealed that Alcoa would close the plant by June 30, affecting 240 workers there. Alcoa produces cast and forged aluminum wheels, but it sold much of its Alcoa Automotive Castings division to Monomoy Capital Partners in late 2007.