Operating income in the third quarter 2022 reflected an additional $1 million of depreciation and amortization expense and higher costs discussed below. Reported net loss for the first nine months 2022 was $3 million, or $0.20 loss per diluted share, compared to a net loss and loss per diluted share of $20 million and $1.28, respectively, for the first nine months 2021. Kaiser Permanente is a nonprofit health care system based in Seattle, providing care and coverage in Washington and North Idaho. Though this move increased the actual size of the debt, it took advantage of favorable interest rates at the same time. Lake Havasu received global attention in 1968 when McCulloch Oil purchased the London Bridge for $2.4 million and had it shipped in pieces to the development, where it was reassembled as a tourist attraction. Hurwitz led MCO through a period of diversification through acquisitions over the next few years. Kaiser Aluminum - Overview, News & Competitors | ZoomInfo.com Kaiser Aluminum Adjusted EBITDA of $31 million in the third quarter 2022 decreased $19 million compared to the prior year period and reflected the impact of $24 million related to previously noted supply chain issues, higher major maintenance, alloy, energy, freight and employee related costs which were partially offset by improved pricing and commodity and freight surcharges. For more information, please visit the Companys website atwww.kaiseraluminum.com. The success of Lake Havasu led Wood to launch further "new cities" around this time. After submitting your request, you will receive an activation email to the requested email address. Kaiser encountered an additional setback when, in September 1998, nearly 3,000 workers went on strike. Adjusted EBITDA as a percentage of value added revenue was approximately 11.6% in the first nine months 2022, compared to 18.4% in the first nine months 2021. [when?] Value added revenue for packaging applications increased approximately 17% to $147 million on a 15% decrease in shipments reflecting improved contract pricing and increased surcharges to offset higher inflationary and commodity costs, while lower shipments reflect the impact of the force majeure during the quarter. Kaiser Aluminum Corporation and Subsidiary Companies. With a government surplus of 36 aluminum plants and Alcoa out of the running because of an antitrust injunction, the stage was set for Kaiser. Reconciliation of Non-GAAP Measures - Consolidated(Unaudited), (In millions of dollars, except share and per share amounts). The Kaiser International division was organized to investigate aluminum opportunities worldwide; by 1959 it had launched offices in Zurich, London, and Buenos Aires. Kaiser claimed to have offered a fair contract and, within days of the strike, hired 1,000 replacement workers. Get reviews, hours, directions, coupons and more for Kaiser Aluminum at 1901 Reymet Rd, North Chesterfield, VA 23237. IDS, McCulloch's partner in oil and gas exploration programs, was bought out in 1976 for a little over $8 million. Aluminum accounts for about 86 percent of MAXXAM's sales. In late 2000, Kaiser became embroiled in yet another controversy. 6211 North Ann Arbor Road Kaiser Aluminum Corporation's Outlook revision to Stable from Positive reflects slower aerospace and margin recovery resulting from inflationary costs, supply chain disruptions and labor inefficiencies. Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, packaging, general engineering, custom automotive, and other industrial applications. Box 515 When this change in the company's power structure was completed, with Hurwitz and his associates firmly in charge, the company's name was changed to MCO Holdings Inc. Witte emerged from the scrap as a Hurwitz ally, and became president of MCO Resources Inc., one of the company's principal subsidiaries. , "Kaiser to Relocate HQ to California," American Metal Market, December 22, 2004, p. 6. Public Company The company, therefore, moved into chlorine sales. In 1965 McCulloch-Hancock Oil & Gas Properties, Inc., was merged into McCulloch Oil Corp. of California. Two significant partnerships were established at this time. In the basic metals market, aluminum was second only to steel. As of September 30, 2022, the Company had cash and cash equivalents of approximately $129 million and borrowing availability under the Company's revolving credit facility of approximately $555 million providing total liquidity of $684 million. By August 1954 the company announced plans to build a foil and sheet mill in Ravenswood, West Virginia. Through a separate division managing the manufacture and sales of highway products, KACC operated plants in Indiana, Florida, Washington, New York, California, and Utah. About $24 million was raised that year through the outside investor program. At a newly constructed alumina plant in Gramercy, Louisiana, Kaiser chemists produced chlorine in the aluminum reduction process. Kaiser Aluminum Corporation, together with its subsidiaries, engages in manufacture and sale of semi-fabricated specialty aluminum mill products in the United States and internationally. 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. In 1960 Kaiser teamed up with Consolidated Zinc to form Commonwealth Aluminum Corporation, Ltd. Commonwealth Aluminum began construction on fully integrated aluminum production facilities in New Zealand and Australia, site of the world's largest bauxite deposits. While the aluminum producers were asked to return one-quarter of their profits from the electricity sales, Kaiser agreed to return only 2 percent. The following year, however, a change in accounting rules dampened McCulloch Oil's real estate gains. Adjusted numbers exclude non-run-rate items. 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. 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. 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. In addition, operations at the Wyoming gas pipeline were expanded. Kaiser Aluminum agreed to sell a subsidiary. - Los Angeles Times ." Excluding the impact of non-run-rate items, adjusted net income was $10 million for the third quarter 2022, compared to adjusted net income of $9 million in the prior year period. 1 - 7 of 7 *Signup bonus information updated weekly. Noranda Inc. was a mining and metallurgy company originally from Rouyn-Noranda, Quebec, Canada. Akron, Ohio 44333-2699 State of Alaska Department of Revenue Decreases Stock Holdings in Hedged cost of alloyed metal is our Midwest transaction price of aluminum plus the price of alloying elements plus any realized gains and/or losses on settled hedges, related to the metal sold in the referenced period.2. The Kaiser-led operation turned out 1,440 cargo ships and more than 50 aircraft carriers. Main shaft headframe, Horne mine, Noranda, Quebec circa 1926. We're sorry, but there is no page on the site that matches your entry. Within a few months of ending its Chapter 11 protection, Kaiser had scored new long-term contracts to supply aluminum products to the makers of a military jet fighter plane and to Boeing Integrated Defense Systems. If you believe that this page should exist, please send an email to support@q4inc.com explaining the page you were trying to access. We, Yahoo, are part of the Yahoo family of brands. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (1) As of September 30, 2022 : As of December 31, 2021 (In millions of dollars, except share and per share amounts) ASSETS : Current assets: Cash and cash equivalents $ 129.3 $ 303.2 : Receivables: Related acquisitions included the Standard Magnesium & Chemical Company of Oklahoma and Southern Nitrogen Company of Georgia. In 1988 sales jumped to $519.2 million, and in 1989, with KaiserTech fully acquired, sales were $2.4 billion. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. With the latter purchase, Permanente was in the electrical-conductor business. Employees balked at Kaiser's plans to contract out certain jobs. The price of aluminum remained low amid a weakened economy in the early 1990s. The metals market had fallen off following the war, surplus aluminum abounded, and bauxite, the chief raw material needed to produce aluminum, was hard to find. 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. We, Yahoo, are part of the Yahoo family of brands. From start-ups to market leaders, uncover what they do andhow they do it. Kaiser also sold two smelters in the state of Washington and the plant in Louisiana where the explosion had taken place in 1999. 2023 . In 1969 McCulloch Oil drilled its first test well on the North Slope of Alaska, not far from Prudhoe Bay, where other companies had found gigantic oil reserves. Dcouvrez comment nous utilisons vos donnes personnelles dans notre Politique de confidentialit et notre Politique relative aux cookies. As a new firm, Kaiser-Frazer was nearly last in line for steel allotment. The company was currently shipping bauxite from Louisiana to Washington state and from Washington to California to complete the production into aluminum. The Stable Outlook reflects Fitch Ratings' expectation total debt/EBITDA, 6.3x as of Dec. 31, 2021, will . If you do not want us and our partners to use cookies and personal data for these additional purposes, click 'Reject all'. Fax: (330, Kaiser von Atlantis, oder Die Tod-Verweigerung, Der, https://www.encyclopedia.com/books/politics-and-business-magazines/kaiser-aluminum-corporation. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (1) June 30, 2020. The Kaiser Bauxite Company, a Bermuda mining operation, was organized in 1950 as a wholly owned subsidiary. (SPACs), Transportation, Infrastructure & Logistics, Save hours of research time and resources with our up-to-date, most comprehensive Kaiser Aluminum Corp.report available on the market, Understand Kaiser Aluminum Corp position in the market, performance and strategic initiatives, Gain competitive edge and increase your chances of success. In 1986 MCO, through the Maxxam Group, completed a takeover attempt launched the previous year on Pacific Lumber Company. The corporation was growing too quickly for Henry J. Kaiser to handpick candidates and promote them. Secured by multi-year contracts with a blue . 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. To be an autonomous aluminum producer Kaiser needed to obtain a steady source of bauxite. Offering one-day photo service, the young Kaiser fulfilled his promise to the proprietor and became a partner by his third month on the job. By the mid-1950s the foil and automobile-parts markets opened up. Dutch Firm Agrees to Buy Kaiser Aluminum Unit - Los Angeles Times Kaiser is a fully integrated producer of alumina, primary aluminum, and fabricated aluminum, with facilities in nine states and five foreign countries. Kaiser Aluminum Corporation headquarters address, phone number and website information and details on other Kaiser Aluminum Corporation's locations and subsidiaries. Finally, we can read about how these great companies came about with Company Histories.. Encyclopedia.com. Keith Harvey. The company reported a net loss of $731,000 in 1972, largely due to this accounting change. KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES. 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. You must click the activation link in order to complete your subscription. McCulloch-Hancock was created by members of a McCulloch exploration syndicate to operate oil and gas properties that had been completed. 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. In 1986, Kaiser Aluminum sold the bulk of the $450 million dollar real estate holdings to an investor group led by Peter B. Bedford. With these supply chain challenges behind us, we anticipate our adjusted EBITDA and margin in the fourth quarter will be similar to the first half 2022. Practicing what he preached, Kaiser announced his intentions to enter the aluminum industry. KACC research during the 1950s was fruitful, pushing the company into new ventures. Kaiser established headquarters in the late 1920s in Oakland, California. The firm changed its name to Permanente Metals Corporation in November 1941 and adopted its present name in November 1949. In 1987 MAXXAM's sales had been $34.6 million, primarily on sales of lumber and related products and real estate development. The original facilities included reduction plants at Mead and Tacoma, and a rolling mill at Trentwood. Kaiser Aluminum & Chemical agreed in principle to sell Kaiser International, a trading subsidiary, and two fertilizer plants to an investor group that includes Thomas K. Alumax's chairman and CEO, Allen Born, cited Kaiser's debt load, its abundant lawsuits for asbestos exposure and environmental contamination, and the notorious CEO of its parent company as reasons for rebuffing Kaiser's bid. Fax: (330) 796-2222 The same year, MCO sold its interests in the Midway Sunset oil field in California for about $155 million. 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. Value added revenue for the third quarter 2022 increased 16% to $356 million from $305 million in the prior year primarily driven by higher pricing to mitigate inflationary costs. International Directory of Company Histories. MCO purchased the remaining portion of the Maxxam Group it did not already own and merged it into the company as a wholly owned subsidiary in May 1988. afficher des publicits et des contenus personnaliss en fonction de vos profils de centres dintrt; mesurer lefficacit des publicits et contenus personnaliss; et. Kaiser Aluminum Corporation Locations - GlobalData The workers, represented by the United Steelworkers of America, worked at five different plants in three states: Washington, Louisiana, and Ohio. The $863 million purchase of Pacific Lumber was made through junk bond king Michael Milken of Drexel Burnham Lambert, and was one of the earliest instances of a hostile takeover financed by the sale of junk bonds. Shrewsbury, New Jersey 07702 Kaiser Aluminum Corporation Announces Upsizing and Pricing of New Even the windfall from the electricity deal failed to pull Kaiser out of its mounting debt crisis, and in February 2002, the company declared bankruptcy. In 1982 A. Steven Hutchcraft, Jr., was elected president, and Maier, then chairman of the board, wasted no time in responding to this downturn. Kaiser refused, instituting a lockout until the employees agreed to all provisions of the offered contract. KACC had barely adjusted to a peacetime economy when the United States entered the Korean War. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Kaiser's chemical division expanded into fluorocarbons, used to manufacture aerosol products, and urethane foamed plastics. In addition, all Company filings submitted to the SEC are available through a link to the section of the SECs website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Companys annual stockholders meetings, and other information statements as filed with the SEC. 29 Jun. Kaiser cited extensive debt, a weak economy, a lengthy decline in aluminum prices, growing pension and benefits expenses for retirees, and significant expenses related to asbestos-related lawsuits as the primary reasons for seeking bankruptcy protection. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community. learn how over 7,000 companies got started! The troubles that had plagued Kaiser during the 1980s continued into the 1990s. FRANKLIN, Tenn., Oct. 04, 2022 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ:KALU) today announced that it plans to release its third quarter and first nine months 2022 financial and . Copper, gold, zinc, aluminum. Within a year the company acquired a German aluminum foil mill, which it moved piece by piece from Germany and rebuilt at the Permanente site; and a Newark, Ohio, wire, bar, and cable mill. Adjusted EBITDA margin = Adjusted EBITDA as a percent of Value Added Revenue. . Real estate generated about $70 million in revenue in 1992. Immediate sales prompted construction of similar plants in Florida, New Jersey, and Texas. It is possible you typed the address incorrectly, or the page may no longer exist. ." Maxxam said Mr. Hutchcraft, 62, is a 36-year Kaiser Aluminum veteran. In September 2000, with both sides making some concessions, the factory employees returned to work. , "Sucker Play?" The Company anticipates total capital spending of $165 million to $175 million for the full year 2022, slightly lower than its previous outlook due to supply chain disruptions and timing of certain projects. During the lockout, on July 5, 1999, an accident took place at one of the plants involved in the labor dispute. When completed in the late 1950s, Kaiser's Ravenswood plant would house one of the world's largest aluminum smelters and mills. Maxxam said that A.S. Hutchcraft Jr., president of the Kaiser Aluminum subsidiaries, will succeed Mr. Seidl as their chairman and chief executive. After the war, with an eye on rebuilding U.S. industry, Kaiser was convinced that private capital should take the place of government funds. Nous, Yahoo, faisons partie de la famille de marques Yahoo. During that year, the price of McCulloch Oil stock sank to $3 a share, after peaking at $36 back in 1972. After pilot projects, Kaiser built a successful cryolite-manufacturing plant in Mulberry, Florida, thus freeing itself from dependence on foreign suppliers. Piasecka, Isabella, "Kaiser Emerges from Bankruptcy Protection," American Metal Market, July 10, 2006, p. 8. This situation prompted Kaiser to consider manufacturing aluminum automobiles. Fax: (734) 529-5, A. Schulman Inc Charles Hurwitz - Wikipedia The workers would receive pay increases, but Kaiser announced that more than 500 jobs would be cut from the five plants. Products. 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). MAXXAM's real estate business is conducted through MAXXAM Property Company, MCO Properties Inc., and Horizon Corporation. International Directory of Company Histories. Kaiser snapped up the available talent, as well as an idle Baton Rouge, Louisiana, aluminum smelter. To manufacture its all-aluminum can, in 1968 KACC opened a plant in Union City, California. Stucke, John, "Kaiser Lands Major Defense Contract," Spokesman-Review (Spokane, Wash.), August 12, 2006. Value added revenue for the Companys packaging business increased 73% to $447 million on a 40% increase in shipments reflecting a full nine months of operations, improved contract pricing and increased surcharges to offset higher inflationary and commodity costs. 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. Late in 1992 and into 1993, MAXXAM began an effort to refinance the bulging debt it had built up in acquiring Pacific Lumber and Kaiser Aluminum. This sale reduced MAXXAM's holding in Kaiser to about 68 percent of the common stock. "Kaiser Aluminum Files for Bankruptcy Protection," New York Times, February 13, 2002, p. C4. That year, a partnership was developed with Investors Diversified Services, Inc. (IDS) of Minneapolis, in which IDS would take responsibility for the efforts to coordinate the sale of units in the participant investor programs, while McCulloch Oil would focus on the actual field operation of the programs. At that time, the company's operations were in Oakland, California, but the headquarters were in Houston, Texas, home of Charles Hurwitz, the man at the helm of Kaiser's parent company, MAXXAM. You may wish to try another entry or choose from the links below, which we hope will help you find what you are looking for. The company's sales began to shrink gradually as the 1990s began. Although he was initially opposed by most of the company's management, Hurwitz managed to get two representatives elected to the McCulloch Oil board at the 1978 annual meeting, and he himself became a director shortly after that. Its aluminium smelter, located on the outskirts of Holyhead, was one of the largest employers in North Wales, with 540 staff members, and began to produce aluminium in 1971. To facilitate the company's retreat from the land development business in the wake of these legal and financial setbacks, a new company was formed with a former company executive. Then, copy and paste the text into your bibliography or works cited list. Over the next few years, Kaiser sold off numerous assets in an attempt to reduce its debt and to shed its mining and refining holdings, including its interests in subsidiary companies in Ghana, Jamaica, and Australia. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Unlock Kaiser Aluminum Corp profile and new opportunities for your business. If you experience any issues with this process, please contact us for further assistance. 595 Shrewsbury Avenue Although economic uncertainty persists, our end market outlook remains positive and our strategy remains intact. Thanks for your patience, understanding, and help. KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES, STATEMENTS OF CONSOLIDATED INCOME (LOSS) (UNAUDITED) (1). Zuckerman, Laurence, "Kaiser Makes Surprise Bid for Alumax," New York Times, February 23, 1996. Web site: http, Holnam Inc. MAXXAM Inc. is a multi-faceted corporation that operates in three separate industries: aluminum, forest products, and real estate. In mid-2006 Kaiser emerged from a lengthy Chapter 11 protection as a leaner, smaller company than the debt-ridden giant that had declared bankruptcy in 2002. The idea was too advanced at the time, however, to be considered. Find out more about how we use your personal data in our privacy policy and cookie policy. From 1956 to 1965, the company drilled 167 exploratory wells. 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. By 1967, Volta's operations were in full swing and Kaiser had expanded, establishing aluminum fabricating plants in Canada; Europe, including Germany, France, Belgium, Switzerland, Norway, Turkey, and Sweden; and Thailand. Other operating NRR items primarily represent the impact of adjustments to plant-level LIFO and environmental expenses.5. 3550 West Market Street To participate, the conference call can be directly accessed from the U.S. and Canada at (866) 374-5140, and accessed internationally at (404) 400-0571. Brooks, David, "Kaiser Aluminum to Supply Boeing through Reliance's AMI Metals Unit," American Metal Market, September 13, 2006, p. 4. More importantly, Kaiser designed a two-piece aluminum can, an industry first, and copyrighted Kalcolor, an aluminum-coloring technique imparted by an electrochemical process during the production of the metal. Telephone: (734) 529-2411 Kaiser Aluminum Corporation, together with its subsidiaries, engages in manufacture and sale of semi-fabricated specialty aluminum mill products in the United States and internationally. The company's real estate holdings, concentrated mainly in the Southwest, include large land holdings, residential communities, and commercial rental operations. 39 of these wells actually produced oil. "Steelworkers and Kaiser Reach a Settlement," New York Times, September 19, 2000, p. A23. World War II prompted Six Companies to move into the shipbuilding, aircraft, steel, and magnesium industries. MAXXAM Inc. -- Company History The unprecedented speed of the Hoover Dam constructiona project completed two years ahead of schedulewas Kaiser's doing. If you experience any issues with this process, please contact us for further assistance. Kaiser Aluminum & Chemical Corporation (the "Company"), a Delaware corporation organized in 1940, is a direct subsidiary of Kaiser Aluminum Corporation ("Kaiser") and an indirect subsidiary of MAXXAM Inc. ("MAXXAM"). However, the date of retrieval is often important. In 1996 Kaiser attempted a hostile takeover of rival Alumax Inc.; the takeover was prevented by Alumax executives and shareholders. As consumers, we often take for granted all the hard work that goes into building a great company. In 1946 Kaiser-Frazer and Kaiser Cargo, Inc., another Kaiser-controlled company, leased two government-owned aluminum plants in the state of Washington. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. Public Company Kaiser Aluminum Acquires Alcoa Warrick LLC and Re-enters the Aluminum Packaging Industry. It was listed on the TSX under the symbol NRD.LV. Mark-to-market loss on derivative instruments represents: (i) the reversal of mark-to-market loss on hedges entered into prior to the adoption of Accounting Standards Update No. 7 Stocks to Buy and Hold Forever Kaiser Aluminum ( NASDAQ:KALU - Free Report) last posted its quarterly earnings data on Thursday, April 27th.
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