Alcoa Corp. has completed a transaction with PE investment firm PARTER Capital Group AG, based in Schindellegi, Switzerland, for that firm to acquire Alcoa’s Spanish subsidiaries that own and operate the Avilés and La Coruña aluminum plants in Spain. The deal was announced in early July and completed in accordance with the collective dismissal agreement signed with the workers’ representatives in January 2019.

The acquisition, effective immediately, includes the casthouses at both plants and the paste plant at La Coruña, which are currently in operation, and the curtailed smelters at both plants.

PARTER plans to maintain the facilities entire workforce, approximately 630 employees, for a minimum of two years. The firm also has proposed reindustrialization projects for both sites and a potential restart of the plants’ smelting capacity.

Alcoa will record charges in the third quarter of 2019 related to these dispositions of approximately $135 million (pre- and after-tax), or $0.73 per share. Related cash outlays are expected to be approximately $115 million over the next two years, with approximately half to be paid in 2019. The cash payments include $95 million of financial support to PARTER Capital Group for operating and capital expenditures associated with restarting the smelters or reindustrializing the sites.