MONTREAL, April 12 /CNW Telbec/ - Alcan announced today its intention to
sell its 45% interest in India's Utkal Alumina International Limited (Utkal).
The joint venture was established in 1992 and involves development of a new
bauxite mine and alumina refinery in the Indian state of Orissa (Utkal
Project). Alcan has already taken initial steps leading to the sale process
and expects completion during the second quarter of 2007.
"Alcan is committed to sustainable and profitable growth that maximizes
value for its shareholders," said Jacynthe Côté, President and CEO, Alcan
Bauxite and Alumina. "The Company will keep a strong focus on growing and
executing its pipeline of projects in bauxite-rich regions, which will
leverage its world-leading alumina refining technology," continued Côté. "We
have carefully weighed the opportunity and risk presented by the Utkal Project
and, given constraints within the governance structure that limit Alcan's
ability to participate in key decisions, believe that we have acted in the
best interests of all our stakeholders."
The Utkal Project, which is currently in an engineering phase, will
continue to benefit from an Alcan technology supply agreement.
Hindalco, part of the Aditya Birla group, holds the remaining 55%
interest in Utkal.
Alcan Inc. (NYSE, 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 68,000 employees,
including its joint-ventures, in 61 countries and regions, and posted revenues
of US$23.6 billion in 2006. 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 document which describe the Company
or management's objectives, projections, estimates, expectations or
predictions may be "forward-looking statements" within the meaning of
securities laws. All statements that address the Company's expectations about
the future including statements about objectives, operations or results are
forward-looking statements that may be based on the Company's own research and
analysis. 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.
%B M %C 1,2 %D Utkal Joint Venture
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