Platinum Equity Buys Alcoa’s Wireless Harness Business

NEW YORK (Reuters) – Alcoa Inc (AA.N) said on Monday that it completed the sale of its wire harness and electrical distribution business to Platinum Equity, a California-based private equity group for undisclosed terms.

Alcoa said it expects to record a second-quarter loss from discontinued operations in connection with the deal.

The business was the largest part of Alcoa’s Electrical and Electronic Solutions business, employing about 17,500 people in 13 countries.

The U.S. aluminum giant added that it is continuing discussions with several parties to sell the electronics portion of its Electrical and Electronics business, which employs about 500 people in three European countries.

Completion of the wire harness and electrical distribution transaction leaves Alcoa with approximately 63,000 employees in 31 countries, it said.

(Reporting by Carole Vaporean, Editing by Dave Zimmerman)