Alcoa said that it has reached an agreement with Orkla, the parent company of SAPA, and Alcoa will use its 45% stake in Sapa's joint venture extrusion business with Orkla in Elkem Aluminum. The company owns 50% of the shares for replacement.
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The replacement work plan was completed in the first quarter of 2009, after which Elkem will be a wholly owned aluminum plant of Alcoa. The replacement assets also included Alken and Alcoa's newly established anode plant in Mosjoen, Norway. Alcoa currently holds 82% of its shares. Elkem has two aluminum plants in Lista and Mosjoen, Norway, with a total capacity of 282,000 tons/year.
In July 2007, Alcoa spun off its soft-alloys business and merged SAPA's extrusion business and held 45% of the joint venture business. The above share replacement will enable Alcoa to completely withdraw from the soft alloy extrusion business, leaving only the hard alloy extrusion business. 