NEW YORK—Alcoa Inc. said Monday it is creating a new Latin America and Caribbean headquarters to help accelerate growth in the region.
The aluminum producer said the division will be run by Franklin Feder, who becomes regional chief executive officer on Jan. 1.
Feder was most recently Latin America and Caribbean regional president of Alcoa's Global Primary Products division, which includes the company's refining and smelting operations.
"Brazil has long been an important region to Alcoa, particularly in our upstream businesses, but with Brazil's rapidly growing economy, its strategic importance to Alcoa extends beyond our Global Primary Product business," CEO Klaus Kleinfeld said in a statement.
Alcoa's involvement in the aluminum business includes mining, smelting, and selling rolled metal sheets that wind up as aircraft, autos, soda cans and many other products.
Of total revenue of $21 billion in 2010, the company said $1.18 billion came from Brazil. Nearly half its revenue came from the U.S.
The company said it expects a 12 percent increase in the global consumption of primary aluminum in 2011, similar to the improvement in 2010. Emerging economies such as China, India, Brazil, and Russia are all expected to have double-digit increases in aluminum demand.
Alcoa shares fell 68 cents, or 6.6 percent, to $9.58. Shares have fallen since early April as the global economic outlook dimmed. They're down 38 percent this year.