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Third Largest Manufacturer of Aluminum Sheet for Beverage Cans is Sold D’Addario to Make Wise Alloys a More Competitive Manufacturer MUSCLE SHOALS, Ala. – Oct. 31, 2001 – David F. D’Addario, a prominent Connecticut businessman, has purchased a majority ownership of Wise Alloys, the third largest U.S. producer of aluminum sheet for beverage and food cans with nearly $1 billion in sales last year. "Wise Alloys has nearly 20 percent of the market share in the United States, behind Alcoa and Alcan. This means that about one in five soda and beer cans are made from aluminum sheet manufactured by Wise Alloys. So when you pick up a six-pack of Coca-Cola or Pepsi, there’s a good chance that the aluminum used to make the cans was manufactured by Wise," said D’Addario, who holds the title of chairman. "Our goal is to continue to supply high quality can stock to our valued customers while exploring other opportunities that may arise in the aluminum industry. We’re very excited about Wise. We feel it has tremendous growth potential." Founded in 1941 to manufacture aluminum sheet for airplanes during World War II, the 2,000-acre facility, with 100 acres under roof in Muscle Shoals, Ala., was owned by Reynolds Aluminum until it was sold to Wise Alloys in March 1999. D’Addario had been a minority owner of Wise since 1999, but recently purchased a majority ownership and controlling interest in the firm. Other partners include John Cameron, Wise Alloy’s president and CEO, and other members of the company’s management team. There are more than 1,200 employees at Wise Alloys, more than 900 of who are hourly employees. D’Addario explained that management is examining the ongoing employment needs of the company. There may be some job reductions in certain areas of the company, while other disciplines within the company will be strengthened. "We are a company in transition," he explained. "We inherited a culture that by itself could not compete effectively. We have already made great strides toward making Wise competitive, but it’s an ongoing process." D’Addario called Wise Alloys a "a state-of-the-art company that is increasingly competitive. We have new leadership and plans for growth, improved productivity and strategic expansion into logical markets. The skill level and quality of our employees is very high and I’m confident that working together, Wise will become an even more dynamic company." Wise Alloys will remain in Muscle Shoals and will continue to support the community through programs and sponsorships that have a direct or indirect relationship with the company’s goals. However, Wise also supports worthy causes beyond the local community. For instance, through the generous contributions of employees, $12,500 was raised for the victims of the September 11 terrorist attacks. Wise Alloys matched those contributions, realizing a total contribution of $25,000 to the victims and their families. D’Addario, who used his own money to purchase the majority ownership of Wise Alloys, intends to be a frequent visitor to Muscle Shoals company and will take an active part in the growth of the company. He is also president and CEO of D’Addario Industries, a third-generation privately held company headquartered in Bridgeport, Conn. D’Addario Industries has been or is currently involved in numerous businesses, including manufacturing, petroleum, real estate development, road construction, radio and television stations, radio transmission towers, commuter airlines, trucking and building materials, among others. Wise Metals Group LLC is the parent company of Wise Alloys and Wise Recycling. Based in Muscle Shoals, Ala., Wise Alloys is the third leading U.S. producer of aluminum can stock for the beverage and food industries. It is an environmentally friendly company that relies heavily on recycled aluminum in the production of its can stock. Wise Recycling is one of the largest, direct-from-the-public collectors of aluminum beverage containers in the United States, operating shipping and processing locations east of the Mississippi River that support a network of neighborhood collection centers. |
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