Alcoa Corporation has concluded its sale of Elemental Environmental Solutions (EES) to Veolia ES Tedchnical Solutions for $200mn with an additional $50mn escrowed if certain post-closing conditions aren’t met.
The sale is part of Alcoa’s plan, announced in October, to generate between $500mn to $1bn by selling non-core assets over the next 12 to 18 months. In selling EES, it anticipates gaining $175mn in Q1 2020 and improving its annual net income by $10mn.
EES is a 1,300-acre hazardous waste treatment facility in Gum Springs, Arkansas.
Alcoa has produced bauxite, alumina, and aluminum products for more than 130 years.