Mt. Holly, located in Berkeley County, South Carolina, employs approximately 600 people and has an annual production capacity of 229,000 metric tons of primary aluminium. Following the closing of the transaction, Century will own 100% of Mt. Holly.
"We are pleased to welcome the Mt. Holly team to the Century family," commented Michael Bless, President and CEO. "We are obviously familiar with this excellent plant due to our long affiliation, and are excited about the opportunity to assume full ownership. We know that Mt. Holly's employees share our core values of safety, product quality and customer service. This transaction furthers our intent to increase our North American hot metal capacity and improve the value-added content of our product mix, including continuing to supply aluminium to the automotive, aerospace and other key industries throughout South Carolina and the US.
Pursuant to the terms of the agreement, Century will acquire Alumax of South Carolina, a subsidiary of Alcoa and owner of Alcoa's 50.3% interest in Mt. Holly, for $67.5 million in cash less certain amounts owed by Alumax to Mt. Holly and subject to working capital and other similar adjustments.
The transaction is expected to close in the fourth quarter of 2014 and is subject to customary closing conditions.
