NEWS IN BRIEF

Alcoa gets buyer for Gum Springs facility

Alcoa Corp. announced Thursday that it has agreed to sell its Arkansas operation in Gum Springs for $250 million.

The facility, which includes two permitted incinerators and a landfill on 1,300 acres in Clark County, employs about 70 people and specializes in environmental management, including the treatment of spent material from aluminum smelting operations and other liquid and solid wastes.

The deal to sell Elemental Environmental Solutions, an Alcoa subsidiary, to Veolia ES Technical Solutions includes a “multi-year agreement to continue those services for Alcoa,” the company said in a news release.

Under the terms of the agreement, Alcoa will receive $200 million in cash at closing for the sale of its subsidiary. An additional $50 million will be due Alcoa if certain post-closing conditions are satisfied, according to the release.

The nation’s largest aluminum producer said the proposed sale is part of a company initiative announced in October to sell noncore assets over the next 12 to 18 months with a goal of generating up to $1 billion in cash.

— Noel Oman

Orthopedic center acquired in Conway

Conway Regional Health System announced Thursday that it has acquired Conway Orthopedic & Sports Medicine Center, effective immediately, with the center continuing to provide the same services and retaining all employees.

“Partnerships are what make our community successful and organization stronger,” Matt Troup, president and chief executive officer of Conway Regional Health System, said in a news release. “After a long-standing relationship with the Conway Orthopedic & Sports Medicine Center, this is an exciting opportunity to come together and enhance orthopedic access.”

Physicians who currently practice and who will remain at the sports medicine center, at 550 Club Lane, include Drs. Scott Smith, Tod Ghormley, Jay Howell, Grant Bennett, James Head, Rick McCarron, and Glenn McClendon.

Conway Orthopedic & Sports Medicine Center was founded in 1988. It has about 60 employees.

— Stephen Steed

State index off 2.29 in year’s 1st trading

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Thursday at 475.15, down 2.29.

Eight of the index stocks rose on the first day of trading of 202o.

“Equities started off the year higher following a move by the Chinese central bank to relax reserve requirements as the industrials and information technology sectors led markets to a record closing high,” said Leon Lants, managing director at Stephens Inc.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 01/03/2020