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Alcoa's Avilés And La Coruña Aluminum Plants Sale Deadline Extended To July 31

Alcoa (AA) and its workers' unions in Spain entered into a deal to extend the deadline to complete a sale of Avilés and La Coruña aluminum plants in Spain to Swiss private equity fund Parter Capital Group.

In January, Alcoa agreed to keep the two smelters in restart condition, in the event that third parties would have an interest in acquiring the facilities and set a tentative June 30, 2019 deadline for the sales.

Parter Capital agreed to buy Avilés and La Coruña aluminum plants, and Alcoa and the Unions of Alcoa Workers have reached an agreement to extend the deadline to July 31 to allow for the completion of sale.

If the acquisition cannot be completed by July 31, 2019, which is extended from the original June 30, 2019 deadline, the collective dismissal and social plan are expected to go into effect on August 1, 2019, Alcoa said.

Alcoa expects to record restructuring-related charges in the third quarter of 2019, rather than in the second quarter of 2019, estimated to range from $100 million to $140 million , or $0.54 to $0.75 per share, depending on whether an acquisition or collective dismissal occurs.

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