Alcoa to sell residential building products business

<p>Aluminum giant Alcoa Inc. announced plans Thursday to sell its U.S.-focused home exteriors business, saying the construction and remodeling products no longer fit with the company's global portfolio.</p><p>Alcoa Home Exteriors, which employs 1,400 workers at facilities in five states, had revenues last year of about $600 million, a company statement said.</p><p>Its 14,000-plus products include vinyl siding, soffits, fascias, trim and railings for decks.</p><p>"The Alcoa Home Exteriors business is a solid performer with good returns, but it no longer fits with our core global building and construction-business portfolio," Alcoa's chief executive, Alain Belda, said in the statement.</p><p>Alcoa spokesman Kevin Lowery said the company was "just beginning the sales process."</p><p>He said the planned sale would not immediately affect workers at plants in Atlanta; Denison, Texas; Gaffney, S.C.; Sidney, Ohio; and Stuarts Draft, Va.</p><p>Lehman Brothers will advise the company on the sale.</p><p>On Tuesday, Alcoa reported first-quarter earnings of $608 million, or 69 cents per share, up from $260 million, or 30 cents per share, during the same period a year ago. Sales for the quarter were $6.2 billion, up 16 percent from the same period last year.</p><p>Alcoa is the world's largest aluminum producer and has 129,000 employees in 42 countries.</p><p>Alcoa shares lost 16 cents, falling to $33.93 in early afternoon trading on the New York Stock Exchange.</p>