Market Overview

Noranda to Evaluate Strategic Alternatives; Board of Directors Engages Morgan Stanley as Financial Advisor, Takes Other Actions


Noranda Aluminum Holding Corporation
(NYSE: NOR) announced today that it has engaged Morgan Stanley & Co. LLC
("Morgan Stanley") to serve as financial advisor for the Company as it
evaluates a variety of strategic alternatives. The Company also
announced that its Board of Directors has decided to suspend the
Company's quarterly dividend and will seek stockholder approval of a
reverse stock split at a ratio to be determined.

"We are pleased to announce the engagement of Morgan Stanley as an
advisor as we proactively identify and evaluate prudent actions to
continue to create stockholder value across the aluminum price cycle,"
said Layle K. "Kip" Smith, Noranda's President and Chief Executive
Officer. "In the face of low aluminum prices, I am proud of the progress
we have made in improving our cost structure and overall productivity,
as well as our investments that support future improvements. This
strategic review builds on that work, and is an exciting part of
optimizing the positioning of the Company."

The Company does not intend to disclose further developments with
respect to its exploration of strategic alternatives, other than as
required by applicable law.


Related Articles (NOR)

View Comments and Join the Discussion!

Posted-In: News Press Releases