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6 November
Moscow,
Dow Jones
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Alcoa Inc. (AA) has sold its automotive castings unit to private equity fund Monomoy Capital Partners LP’s Compass Automotive Group LLC. Financial terms of the deal weren’t disclosed. Alcoa, a New York-based aluminum producer, had originally announced plans to divest the business in the third quarter. The unit had 2006 revenues of about $150 million and employs about 530. Alcoa is still pursuing the sale of its packaging and consumer business and said it has received "strong" indications from potential buyers for the unit. Alcoa plans to complete that sale by late 2007 or early 2008. | |||