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Aluminum November 02, 2021 04:05:19 PM

Alcoa Completed $240 Million Sale of Former Rockdale Site

Paul Ploumis
ScrapMonster Author
The transaction came to an official conclusion on Friday, October 29, 2021.

Alcoa Completed $240 Million Sale of Former Rockdale Site

SEATTLE (Scrap Monster): Pittsburgh-based Alcoa Corporation announced that it has completed the sale of former Rockdale industrial site. The sale of land and industrial assets in Texas state to SLR Property I, LP, an affiliate of a private, Texas-based real estate investment entity, in a transaction valued at around $240 million.

The sale covers an area of approximately 31,000 acres of land in Milam and Lee Counties, which also includes the site of the former Rockdale aluminum smelter, whose operations was completely curtailed in 2008 and was permanently closed in 2017. The transaction came to an official conclusion on Friday, October 29, 2021.

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According to company press release, Alcoa received $230 million in net cash proceeds from the transaction. It plans to record a gain of around $200 million under special items in other incomes during Q4 this year.

Rob Bear, Alcoa’s Vice President of Transformation stated that the successful sale of the Rockdale site demonstrates the value that could be unlocked as it prepares former sites for redevelopment. The work that the company has performed to prepare the site for the transaction will bring significant benefits to its former host community and the areas surrounding Rockdale, he added.

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