OTHER NEWS - June 29, 1996

Alcoa Offers Retirement Buyouts: About a third of Aluminum Co. of America’s salaried workers have been given incentives to resign to help the company cut $300 million in costs. A company spokesman said 3,600 employees were given letters this week offering them incentive packages. Alcoa’s total salaried work force numbers about 10,000. The move by the world’s largest aluminum producer is part of a cost-cutting effort to reduce selling and general administrative expenses by $300 million by next year. Selling and administrative costs currently total about $1.2 billion annually. Of the 3,600 workers who were offered incentives, 1,500 work in operations in Pittsburgh, Alcoa’s corporate headquarters. The incentives vary depending on age and years of service.