NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE: AA), the world’s leading aluminum producer, announced today it has become a minority investor in Electronic Recyclers International (ERI), the largest U.S. recycler of electronics waste. Alcoa Vice President and Chief Sustainability Officer Kevin Anton will also become a director of ERI.
NEW YORK -(Dow Jones)- Alcoa Inc. (AA: 16.64, +0.48, +2.97%) paid $10 million for a 10% equity stake in electronics-waste recycler Electronic Recyclers International, the aluminum giant said Wednesday.Read more: http://www.foxbusiness.com/markets/2011/03/02/alcoa-buys-10-electronic-recyclers-international/#ixzz1FYoCEUET
“Aluminum’s use in the global consumer electronics market continues to increase rapidly and we are honored to partner with Alcoa, a leader in the industry”
Consumer electronics represents a fast-growing market for aluminum because of the metal’s light weight, durability, heat conductivity and limitless surface finishes. Aluminum content in laptops alone is expected to increase 30 percent by 2013, from a 2010 baseline. Through this new partnership, Alcoa will bring its expertise in recycling to the growing challenge of e-waste, enhancing the role aluminum plays in making electronics more sustainable.
“We see tremendous opportunity for aluminum in the consumer electronics market,” Anton said. “This partnership between our two companies enhances Alcoa’s ability to deliver on its commitment to sustainability by increasing the recycling of consumer electronics and driving sustainable practices.
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“As the country’s largest e-waste recycler, ERI shares Alcoa’s commitment to financial success, environmental excellence, and social responsibility, and I look forward to working with ERI to drive recycling in the consumer electronics market.”
Alcoa partnered with ERI in 2010 to develop the free Aluminate recycling app for iPhone, as part of the company’s goal of increasing the recycling rate of aluminum cans in the U.S. to 75 percent by the year 2015.
Alcoa’s investment will help further develop ERI’s industry-leading recycling technologies and expand its geographic footprint across the U.S. Anton’s addition to the ERI board will deepen its capacity and expertise through his background in both finance and sustainability. Prior to leading Alcoa’s sustainability efforts, Anton served as vice president, finance and strategy, for Alcoa Global Primary Products and brings more than 30 years of leadership in the metals and mining industry to the board.
As part of its ongoing commitment to the environment and sustainability, Alcoa also announced today that it will become an enterprise member of the Basel Action Network (BAN)’s e-Stewards Certification program, an organization dedicated to eliminating the disproportionate impact of trade in toxic chemicals and products on developing countries. ERI was a founding member of BAN’s e-Stewards Certification program.
“Aluminum’s use in the global consumer electronics market continues to increase rapidly and we are honored to partner with Alcoa, a leader in the industry,” said John S. Shegerian, ERI’s co-founder, chairman and CEO. “This partnership will allow us to continue expanding and improving our operations while keeping pace with the ever-growing demand for sustainable solutions to electronic waste.”
Alcoa (NYSE:AA) is the world’s leading producer of primary and fabricated aluminum, as well as the world’s largest miner of bauxite and refiner of alumina. In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. Among the solutions Alcoa markets are flat-rolled products, hard alloy extrusions, and forgings, as well as Alcoa® wheels, fastening systems, precision and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based super alloys. Sustainability is an integral part of Alcoa’s operating practices and the product design and engineering it provides to customers. Alcoa has been a member of the Dow Jones Sustainability Index for nine consecutive years and approximately 75 percent of all of the aluminum ever produced since 1888 is still in active use today. Alcoa employs approximately 59,000 people in 31 countries across the world. More information can be found at www.alcoa.com.
About Electronic Recyclers International (ERI)
Now the largest recycler of electronic waste in the world, Fresno-headquartered Electronic Recyclers International handles over 120 million pounds of waste annually at six locations around the country in California, Washington, Colorado, Indiana, Massachusetts and Texas. It has the United States’ largest electronic waste shredding capacity and recycles the largest volume of electronics from U.S. retailers and manufacturers, including Best Buy and Samsung. It leads the U.S. in compliance around data destruction and in environmental stewardship, with 100 percent of its recyclable metals broken into commodities and sent straight to the smelter. ERI’s 1800Recycling.com website is also the number one recycling search engine in the U.S. For more information about e-waste recycling and ERI, call 1-800-884-8466 or visit http://www.electronicrecyclers.com.
Certain statements in this release relate to future events and expectations and, as such, constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of Alcoa to be different from those expressed or implied in the forward-looking statements. These statements can be identified by the use of predictive, future-tense or forward-looking terminology, such as “expects,” “forecasts,” “intends,” “outlook,” “plans,” “projects,” “should,” “will,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements, including, without limitation, forecasts concerning global demand for aluminum, aluminum end-market growth, aluminum consumption rates, or other trend projections, and statements about Alcoa’s strategies, objectives, goals, targets, outlook, and business and financial prospects. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: (a) material adverse changes in aluminum industry conditions, including global supply and demand conditions and fluctuations in London Metal Exchange-based prices for primary aluminum, alumina, and other products; (b) unfavorable changes in general business and economic conditions, in the global financial markets, or in the markets served by Alcoa, including automotive and commercial transportation, aerospace, building and construction, distribution, packaging, consumer electronics, oil and gas, defense, and industrial gas turbines; (c) Alcoa's inability to realize expected benefits from its investments in other companies; (d) Alcoa’s inability to achieve its goal of increasing the recycling rate of aluminum cans in the U.S. or its other sustainability goals; (e) changes in competitive conditions, including developments in technology, actions by competitors, and developments in products, including customer acceptance of aluminum in substitution for competing materials; (f) changes in relationships with, or the business or financial condition of, customers, suppliers, and business partners; and (g) the other risk factors summarized in Alcoa's Form 10-K for the year ended December 31, 2010 and other reports filed with the Securities and Exchange Commission. Alcoa disclaims any obligation to update publicly any forward-looking statements, whether in response to new information, future events or otherwise, except as required by applicable law.