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Wednesday, Jul. 15, 1998
Business Briefs
Aluminum Co. of America to cut $1.1 billion in costs
From Staff Writer wire services
PITTSBURGH - Aluminum Co. of America plans to slash $1.1 billion in costs by the end of 2000, as the world's largest aluminum producer tries to boost profit and eliminate overlapping expenses after it buys Alumax Inc.
Pittsburgh-based Alcoa will cut costs by $800 million at its existing businesses and by $300 million at Alumax, which Alcoa agreed to acquire in March for $3.8 billion. Alcoa doesn't plan any layoffs, Chief Financial Officer Richard Kelson said.
The bulk of the savings will come from trimming redundant overhead at the two companies' primary, or unfinished, aluminum operations.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web