Who owns reynolds metals

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Home » Alcoa Inc. Acquires Reynolds Metals Co. Order Reprints. Plagued by cost overruns and delays, by the time the project was finished demand for aluminum had leveled off. Reynolds's leadership came under criticism from the financial community, particularly for what was perceived as the Reynolds family having too much control over the company. The company began a reorganization during the late s, and separate operating divisions were formed, each of which was responsible for its own profit performance.

Control of the company was still held by the Reynolds family. In David P. Reynolds was its chairman; J. Louis and William G. Reynolds were board members; a cousin, A. Reynolds was a vice-president; and William G. In a Reynolds unit pleaded guilty to charges of importing ores from Rhodesia, in violation of U. In , 51 percent of its Jamaican assets and operations and all of its Jamaican land holdings were sold to the Jamaican government. The company continued to offer new products to the marketplace.

In the first all-aluminum automobile engine block was introduced. All-aluminum car bumpers were in use in The beverage can with the stay-on, pull-top tab was well received in Reynolds has been involved in an impressive recycling effort since It has received a great deal of praise for its recycling philosophy.

As of , the company was recycling almost half the number of cans it produced. In , the company expanded its recycling capacity with two more facilities.

The company recycles more cans than it produces. In addition to its environmental advantages, recycled aluminum requires only five percent of the energy that would be used to produce aluminum from virgin materials. Like most U. Reynolds looked into new products and areas of manufacturing to redeploy its assets, seeking businesses that would provide higher profits and faster growth than those of aluminum. In the early s, David Reynolds and William Bourke, a former Ford Motor Company vice president and now Reynolds's chairman and CEO, realized that Reynolds's upstream costs--for mining, smelting, and refining--were cutting into downstream profits on finished goods, like aluminum foil and cans.

Reynolds then embarked on a capital-improvements program that involved the expenditure of billions of dollars and the shutting down of some of the company's less-profitable operations. By Reynolds had cut the number of employees by one-third and reduced by almost 25 percent its production costs, reversing the drain on company profits.

Reynolds fortunes were greatly improved by the discovery of gold at one of the company's bauxite properties in Australia in The company's entrance into the gold market, an unexpected upsurge in aluminum prices in the late s, the company's continued commitment to the modernization of its production facilities, and the expansion of its consumer products division made Reynolds a solid, profitable enterprise with the ability to weather the cyclical nature of the aluminum business.

Under the leadership of chairman and CEO Bourke the company moved into the s with its focus on consumer products and on gold. Reynolds leveraged all his assets for a loan from the government. By the time the Second World War had begun, Reynolds Metals had become the second producer of basic aluminum in the United States, a role that was instrumental to the production of aircraft and other military supplies. At the close of the war, the metals industry turned its focus to household products.

And again, R. Reynolds was the pioneer. Understanding the strength and flexibility of aluminum, Reynolds changed American kitchens forever with the introduction of Reynolds Wrap. Reynolds announced that he was turning leadership of Reynolds Metals over to his four sons. He took a seat as the chairman of the company, where he remained active until his death in Aluminum foil is made by rolling sheets of Successive passes through the rollers squeeze the foil thinner.

I bought some Reynolds Wrap Release, a nonstick aluminum foil. It works great as an oven pan lining. What is tin foil made from? Aluminum foil is made from an aluminum alloy which contains between 92 and 99 percent aluminum. Usually between 0. Is tin foil a good insulator? Its solar radiation absorption coefficient is very low, which can insulate most of the heat transfer. Aluminum foil, also called tin foil, makes an excellent insulator, and in some situations, it works better than materials like cotton or paper.

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