Boston, MA 10/29/2013 (wallstreetpr) – As per Reuters, AlcoaInc (NYSE:AA), a U.S. aluminum grouphas signaled its willingness to revive talks to sell its Italian plant to the Swiss industrial group Klesch, here on Monday.
Reportedly, Klesch, a Swiss based Industrial group had made an expression of interest formally for buying the company’s plant in Sardinia last year. The talks were stalled after Alcoa closed the negotiations in June to sell its smelter to Klesch. After which the Italian industry ministry had said that it will look for other buyers and may contact Klesch again.
As perClaudio De Vincenti,UILM and Deputy Industry Minister, the two companies along with their labor unions is expected to join again for an official meeting at the industry ministry towards the end of November to evaluate further if this deal could be finalized.There has been no official comment on the development from Alcoa.
Alcoa came to a decision to shut down its smelter in Sardinia last year after it encountered high power prices leading to its poor show in the region. The island alsotook a hit due to high unemployment rate and sluggish economic growth. Almost 300 workers which are laid offtemporarily from the plant continued to protest outside the ministry where the meeting was taking place. During the meeting, the government made it clear there are no other prospective buyers for the plant except that of Klesch.
Owing to severe political pressure, the U.S. aluminum giant, Alcoa has resorted to a temporary lay off of workers and maintained the plant while it looked for a buyer. De Vincenti also said that Alcoa has already paid back around 295 million euros ($406.67 million) to the government. It had received the said amount over the past decade in preferential power tariffs.
On Monday, Alcoa was trading at $9.56, up by 32 cents.
