BHP Billiton and Alcoa sell Integris Metals
According to the statement released by Australian mining company
BHP Billiton, the company and Alcoa have decided to sell their shares in Integris Metals, a metal service center, to Ryerson Tull for $410 million in cash plus assumption of Integris' debt, which was around $250 million as of October 1, 2004. The deal is expected to be completed at the beginning of 2005. The two companies each hold 50% share in Integris.
Integris Metals was formed in November 2001 through the merger of Reynolds Aluminum Supply Company (RASCO) and
North America Metals
Distribution (NAMD). These two companies were metal
distribution businesses of Alcoa and
BHP Billiton, respectively. However as metal
distribution is not the core business of the two companies, they decided to sell Integris Metals.