Therefore, that information is unavailable for most Encyclopedia.com content. In October 1988 KaiserTech was acquired by MAXXAM Group Inc. MAXXAM was considerably smaller than KaiserTech, and following the acquisition MAXXAM's sales shot up. Anticipating continued growth, KACC officials began scouting for additional bauxite deposits, which they located in Jamaica. We, Yahoo, are part of the Yahoo family of brands. However, the date of retrieval is often important. The company reported a net loss of $731,000 in 1972, largely due to this accounting change. By late 1976, Wood announced that the company would take a $60 million write-off to exit the land development business entirely. His hurry led him into a tangle with U.S. Secretary of the Interior Harold Ickes. Although these pricing initiatives have been successful, the Company continues to incur inflation driven higher energy, manufacturing and employee related costs, which it continues to aggressively address with further pricing increases and cost reduction actions. 9 aluminum stocks to watch in 2023 | finder.com Verhovek, Sam Howe, "Lack of Power in the West Proves a Boon for Some," New York Times, December 29, 2000, p. A15. Value added revenue for automotive extrusions increased 4% to $76 million on a 1% increase in shipments, reflecting improved contract pricing and mix. Investors - Governance - Board of Directors - Kaiser Aluminum Like many industrial corporations, MAXXAM has concentrated on reducing costs and increasing efficiency during this downturn. 595 Shrewsbury Avenue Adjusted income per diluted share was $1.23 for the first nine months 2022, compared to adjusted income per diluted share of $2.21 for the first nine months 2021. Beginning in 1972, the company could record as revenue only payments actually received on land purchased, rather than count the entire sale price upon completion of the deal. Web site: http://ww, 4020 Kinross Lakes Parkway Copyright (c) 2022 Company-Histories.com. Barrett, William P. "Aluminum Cow," Forbes, January 6, 1992, p. 275. Anglesey Aluminium - Wikipedia Finally, we can read about how these great companies came about with Company Histories.. Lyons, Leonard, "Unforgettable Henry J. Kaiser," Reader's Digest, April 1968. The following year, the company reported net income of $57 million on sales of $2.25 billion. In 1957 the company acquired a wire and cable plant in Bristol, Rhode Island, which produced a greater variety of conductors than any other plant in the United States. To integrate its aluminum manufacturing with aircraft production, KACC leased war-surplus operations: an extrusion plant in Halethorpe, Maryland, in 1951; and a forgings plant in Erie, Pennsylvania, in 1954. The leadership vacuum was eventually filled in March 1980, when Hurwitz became both chairman and chief executive. In 1996 Kaiser attempted a hostile takeover of rival Alumax Inc.; the takeover was prevented by Alumax executives and shareholders. KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES. Privacy Policy. The Warrick facility is a leading producer of can stock for the North American food and beverage packaging industry and differentiates itself through a unique capability in producing high-margin coated products. Its new focus was on being a cost-competitive producer for specialized aluminum needs. Hurwitz had begun his career as a stockbroker with Bache & Company. About Kaiser Aluminum is headquartered in Franklin, Tennessee. Kaiser Aluminum cautions that any forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. "Kaiser Reorganization Confirmed," Metal Producing & Processing, JanuaryFebruary 2006, p. 4. By the mid-1950s the foil and automobile-parts markets opened up. Kaiser announced plans to build a new smelter in Queensland, Australia. ." Kaiser Aluminum Corporation Announces Upsizing and Pricing of New In 2004, Kaiser moved its headquarters from Houston to Foothill Ranch, in Southern California, where its fabricated products business was located. In 1977 McCulloch Properties Inc., the land-development subsidiary run by Robert McCulloch, Jr., son of the company's founder, pleaded guilty to 19 counts of fraud concerning sales at the Pueblo West development. Operating income from this industry reached $65 million, an increase of nearly 16 percent from the previous year. The Companys planned major outage, which included a refurbishment of the large stretcher at its Trentwood facility, was completed on schedule and the Trentwood facility has now resumed full operation. The merger gave McCulloch Oil total possession of McCulloch Gas Transmission Co., the firm that operated a 100-mile natural gas pipeline system located in northeastern Wyoming. The next largest share of MAXXAM's revenue is generated by its forest products operations. Kaiser also headed, with a 90 percent interest, the Volta Aluminum Company, Ltd., of Ghana. At issue, among other points, was job security, health benefits, and workplace safety. Engineers, metallurgists and technicians work collaboratively to produce complex plate, sheet, coil, extruded product including extruded shapes, rod, bar, tube, forge stock, and wire. Three years later Kaiser marched into a Sprout Brook, New York, photography studio and told the owner he would triple the store's profits in two months. By providing your email address below, you are providing consent to Kaiser Aluminum Corporation to send you the requested Investor Email Alert updates. About Kaiser Permanente Washington Value added revenue for the Companys aerospace/high strength applications increased 20% to $278 million on an approximately 11% increase in shipments compared to the first nine months 2021 on improving commercial aerospace demand. Kaiser Aluminum is a company that manufactures and sells semi-fabricated specialty aluminum mill products. Kaiser Aluminum Corporation is one of the country's leaders in the production of aluminum for use by the aerospace, automotive, and defense industries. During the 1980s aluminum prices continued to fall. learn how over 7,000 companies got started! In 1986, Kaiser Aluminum sold the bulk of the $450 million dollar real estate holdings to an investor group led by Peter B. Bedford. Value added revenue in the third quarter reflected the benefit of higher pricing together with commodity and freight surcharges, which mitigated the impact of inflationary and commodity costs. . CONSOLIDATED BALANCE SHEETS (UNAUDITED) (1). https://www.kaiseraluminum.com. To insulate Kaiser against the dramatic ups and downs of the aluminum market, Ready pushed to diversify. Si vous souhaitez personnaliser vos choix, cliquez sur Grer les paramtres de confidentialit. Reported net income for the third quarter 2022 was $3 million, or $0.16 income per diluted share, which includes $13 million of pre-tax income primarily related to a legacy land sale, compared to a net loss and loss per diluted share of $2 million and $0.14, respectively, in the prior year period. Noranda (mining company) - Wikipedia authenticate users, apply security measures, and prevent spam and abuse, and, display personalised ads and content based on interest profiles, measure the effectiveness of personalised ads and content, and, develop and improve our products and services. After eventually acquiring a large interest in rival . In May 1941 the U.S. government granted an extensive contract involving more than 30 plants to the leading industry producer, the competitor Aluminum Company of America (Alcoa). The notes will be guaranteed by each of Kaiser Aluminum's existing and future domestic subsidiaries that is a borrower or guarantor under Kaiser Aluminum's revolving credit facility . 2023 . Kaiser Aluminum Corporation and Subsidiary Companies. Although the Korean War ended in 1952, the company's relationship with the government remained in place. Fax: (330, Kaiser von Atlantis, oder Die Tod-Verweigerung, Der, https://www.encyclopedia.com/books/politics-and-business-magazines/kaiser-aluminum-corporation. Charles Edwin Hurwitz (born 1940) is an American businessman and financier known for his role in the 1980s savings and loan crisis, and his takeover of Pacific Lumber Company, a logging company active in Humboldt County, California.. His other holdings have included Kaiser Aluminum Corporation, a pari-mutual racing facilities in Texas, real estate developments throughout the Southwest and the . Kaiser Aluminum & Chemical said Friday that it has "reached an understanding" with Hoogovens Groep BV, a large Dutch steel and aluminum company, for the sale of Kaiser's aluminum subsidiary in Europe. Kaiser moved west in 1906, working in the hardware business until 1914 when he formed his own road-construction company. Brooks, David, "Kaiser Aluminum to Supply Boeing through Reliance's AMI Metals Unit," American Metal Market, September 13, 2006, p. 4. KALU - Kaiser Aluminum Corporation - Yahoo Finance There were no borrowings under the revolving credit facility during the quarter and the facility remains undrawn. By the end of 1968, Lake Havasu had about 4,000 permanent residents, 140 businesses, a handful of industrial facilities, and a full range of public services. Real estate generated about $70 million in revenue in 1992. Zuckerman, Laurence, "Kaiser Makes Surprise Bid for Alumax," New York Times, February 23, 1996. Adjusted income per diluted share was $0.60 for the third quarter 2022, compared to adjusted income per diluted share of $0.57 for the third quarter 2021. For a minimum investment of $10,000, participants in the program would receive all of the benefits from a productive exploratory well until their investments were repaid, and two-thirds interest in any further oil field development that took place as a result of the exploration. In 1969 the company's name was shortened to McCulloch Oil Corporation. Similar accusations in connection with other properties followed. This sale reduced MAXXAM's holding in Kaiser to about 68 percent of the common stock. "Steelworkers and Kaiser Reach a Settlement," New York Times, September 19, 2000, p. A23. In spite of these problems, several of the company's facilities set production records in 1992. With Kaiser Aluminum in the fold, MAXXAM's sales reached $2.4 billion in 1989, with net income of $117 million. , "Sucker Play?" In 1987 MAXXAM's sales had been $34.6 million, primarily on sales of lumber and related products and real estate development. 1144 East Market Street Kaiser's product was traveling close to 8,000 miles before it ever reached a customer. In March 1952, KACC signed a contract with the U.S. Air Force to design, build, and operate an aircraft-parts plant near the existing Halethorpe operation. As more fully described in these reports, non-run-rate items are items that, while they may occur from period to period, are particularly material to results, impact costs primarily as a result of external market factors and may not occur in future periods if the same level of underlying performance were to occur. In the basic metals market, aluminum was second only to steel. Kaiser later bought out the original owner and eventually operated three photographic studio and supply stores on the East Coast. Kaiser Aluminum Corporation - Fitch Ratings KACC had barely adjusted to a peacetime economy when the United States entered the Korean War. With increased competition causing a drop in aluminum prices, overseas expansion seemed the next logical step. Incorporated: 1987 Employees: 2,400 Sales: $1.09 billion (2005) Stock Exchanges: NASDAQ Ticker Symbol: KALU NAIC: 331312 Primary Aluminum Production After purchasing electricity for $22 per kilowatt hour, Kaiser and two other companiesColumbia Falls Aluminum and Golden Northwest Aluminumsold back the electricity at $300 to $500 per kilowatt hour. You can change your choices at any time by clicking on the 'Privacy & cookie settings' or 'Privacy dashboard' links on our sites and apps. Kaiser Foundation Health Plan, Inc. (And Subsidiaries) - Fitch Ratings On the domestic front, in 1965 Kaiser built a plant in Norco, Louisiana, to supply material for the aluminum reduction process, and a forgings plant in Oxnard, California. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Although economic uncertainty persists, our end market outlook remains positive and our strategy remains intact. Kaiser is a fully integrated producer of alumina, primary aluminum, and fabricated aluminum, with facilities in nine states and five foreign countries. Kaiser Aluminum | Asbestos Products & Trust Fund The company that would eventually evolve into MAXXAM was formed in 1955 as Cuban American Oil Company. In a public-relations blitz, Kaiser sent documents dramatizing the company's effort to complete the project to high government officials and congress-men. Kaiser Aluminum Corporation Locations - GlobalData Contributing to MAXXAM'S difficulties were increased aluminum production capacities among countries in the Western world, combined with much higher levels of aluminum exports from the former Soviet Union. Maier tackled pricing, always a thorn in the aluminum industry's side. The price of aluminum remained low amid a weakened economy in the early 1990s. Diluted shares for EPS are calculated using the treasury stock method. The increase in average selling price reflected an approximately 15% increase in value added revenue per pound and a 26% increase in underlying contained metal costs. Maier acted fast, unloading the nickel, shipping, and some chemical holdings, as well as some real estate. Webinars Media Adjusting for approximately $21 million of non-run-rate charges, operating income for the first nine months 2022 was approximately $47 million, compared to operating income of $82 million in the first nine months 2021. McNamara, Victoria, "Kaiser Aluminum Completes Public Offering on Second Try," Houston Business Journal, July 22, 1991, p. 15. The fundamentals of our aerospace, packaging, general engineering and automotive end markets continue to be solid and we look forward to continuing to execute on our strategic initiatives to deliver long-term value to all of our stakeholders, said Keith A. Harvey, President and Chief Executive Officer. The industrial products company reported $0.42 EPS. Value added revenue for general engineering applications increased approximately 26% to $95 million on an 8% decrease in shipments as strong demand continued to support price increases and alloy recovery while service center demand for the Company's extruded products softened slightly.