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[November 2002]
Alcan Confirms Closure of Burntisland Facility
Alcan (Montreal, Canada) has announced that it has successfully concluded the consultation process with employees and union representatives with reference to a UK closure. An agreement has been reached to cease operations at the Burntisland facility in Scotland on 30 November 2002.In January 2002, Alcan announced its withdrawal from the speciality chemicals market in Europe. A significant effort to sell the business followed. As a sale transaction could not be successfully structured, Alcan announced its proposal to close the plant and duly began a consultation process on 11 September 2002.
Based on the current estimate for total closure costs, Alcan expects to record a non-operating charge (after tax) of approximately US$0.10 per share during the fourth quarter of 2002.
ENDS