PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced that it has completed the sale of Elemental Environmental Solutions LLC (EES), a wholly-owned Alcoa subsidiary that operates a 1,300-acre hazardous waste treatment business in Gum Springs, Arkansas.

The sale of EES to Veolia ES Technical Solutions, LLC (VTS) is part of the Company’s plan to pursue sales of non-core assets with the goal of generating between $500 million to $1 billion in cash.

In accordance with the terms of the earlier announced agreement between the parties, Alcoa received $200 million in cash upon closing of the sale on January 31, 2020. An additional escrowed $50 million will be paid to Alcoa if certain post-closing conditions are satisfied.

As a result of the transaction, the Company expects to recognize a gain of approximately $175 million in the first quarter of 2020 and annual net income improvement of approximately $10 million.

About Alcoa

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back more than 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate. Visit us online on www.alcoa.com, follow @Alcoa on Twitter, and on Facebook at www.facebook.com/Alcoa.