Pechiney Completes Acquisition of Certain McCook Assets
Pechiney recently announced that its Pechiney Rolled Products subsidiary has completed the acquisition of certain assets from the Chapter 11 Trustee of McCook Metals, L.L.C. and its subsidiary, McCook Equipment, L.L.C., in McCook, Ill. McCook Metals and its subsidiaries are the subject of a bankruptcy proceeding pending in U.S. Bankruptcy Court in Chicago. The sale of the assets to Pechiney Rolled Products was approved by the U.S. Bankruptcy Court on March 8, 2002. On April 29, the U.S. Bankruptcy Court approved various other transactions before the deal was finally completed on May 1, 2002. Pechiney's net investment cost amounts to around $20 million. With a presence in 51 countries, Pechiney achieved sales of EUR 11 billion in 2001, with 34,500 employees.