Gum Springs facility gets ready for sale in a $250 million transaction: Alcoa
The global leader in bauxite, alumina and aluminium products Alcoa Corporation has agreed to sell its Gum Springs, Arkansas waste treatment facility in a $250 million transaction to Veolia ES Technical Solutions (VTS) in the first quarter of 2020.
As per the terms of the agreement between the parties, Alcoa Corporation will be receiving $200 million in cash at closing for the sale of Elemental Environmental Solutions (EES), a 100% subsidiary of Alcoa Corporation that owns the 1,300-acre perilous waste treatment business in Gum Springs. The additional $50 million will be paid to Alcoa, after the satisfactory post-closing conditions.
Alcoa Corporation in October’19 announced its intent to pursue sales of non-core assets over the next 12-18 months with the focus to generate between $500 million to $1 billion in cash.
Alcoa Corporation President and Chief Executive Officer Roy Harvey said “This planned transaction shows our commitment to execute on our strategy and the sale of non-core assets, which we announced in the third quarter of 2019. We also congratulate our employees for the work they have done to improve this business and the scope of its services.”
The Gum Springs facility employs around 70 people and specializes in multiple environmental management processes, including the use of two permitted hazardous waste incinerators and a landfill. The site has traditionally processed spent pot lining for the North American smelter industry, and the transaction includes a multi-year agreement to continue those services for Alcoa.
source: ALCIRCLE.COM
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