Alcoa announced today a US $83 million
investment in a major modernization project at Alcoa-Kofem Ltd., its
operations in Hungary. The modernization project will create nearly 200
new jobs at Alcoa-Kofem. Alcoa expects the project to be completed by the
end of 2007.
Alcoa is the world's leading producer
and manager of primary aluminum, fabricated aluminum and alumina
facilities, and is active in all major aspects of the industry.
In 1993 Alcoa acquired a majority stake
in Hungary's state-owned aluminum company. In 1996, Alcoa acquired full
ownership of the formerly state owned Szekesfehervar Light Metal Works,
renamed Alcoa-Kofem Ltd.
Alcoa is the fifth largest company in
Hungary, and the second largest US investor in the country. It is the 12th
largest employer in Hungary, employing 5,500 people.
