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Alcoa to start $83 million modernization project

Alcoa announced today a $83 million (€70 million) investment in a major modernization project at Alcoa-Köfém Ltd, its operations in Hungary. The modernization includes the expansion of flat-rolled mill products capability and related infrastructure, addition of Dura-Bright aluminum wheel production in Hungary, and launching a new manufacturing operation for airfoil castings. The modernization project will create nearly 200 new jobs at Alcoa-Kofem. Alcoa expects the project to be completed by the end of 2007. "This decision strengthens Alcoa's presence in Europe and its long-term strategic investment in Hungary," said Béla Forgó, Country Manager Hungary and General Manager, Alcoa-Kofem. "This modernization project renews the product mix at Alcoa-Kofem toward higher value added products." The core of the investment is the modernization of Alcoa-Kofem's Flat Rolled Products manufacturing unit, which involves expansion of its brazing sheet capability to offer a full range of gauges. Brazing sheet is used primarily in the automotive and heat exchanger markets. Kofem currently produces sheet, coil and some brazing sheet at Székesfehérvár.