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Wrap it up Your grandmother didn't use it. Your mother may have. You probably do. We're talking aluminum foil and anyone who can find their way around a kitchen without blowing up the microwave uses it (Note: your grandmother likely used tin foil, which was replaced because of its heavy weight, among other reasons). Today, the Reynolds Metal Company is one of the aluminum kings as the third largest producer of aluminum in the world. Each year Reynolds transports almost two million metric tons of aluminum and aluminum products. While the company is best known for Reynolds Wrap Aluminum Foil, it sports a host of other products, including Baker's Choice baking cups, Cut-Rite wax paper, Reynolds Freezer Paper, Reynolds Plastic Wrap, and Reynolds Oven Bags. Amazing aluminum: everything you ever wanted to know What do space ships, astronaut spacesuits, airplanes, and soda cans have in common? They're all made of the third most common element: aluminum. The element, which is most abundant in the earth's crust, used to be nearly impossible to obtain. In fact, in the 19th century aluminum sat in the same prestigious category as fine china and silver. In the late 1800s, Charnels Hall, a graduate of Oberlin College, discovered an easier and less costly way to recover it. Aluminum, whose name derives from the Latin word "alumen" (alum is an ancient material used to make dye stick to fabrics), is a somewhat weak/soft metal. However, when combined with harder metals, it becomes quite durable. Surprisingly, when aluminum is found in nature, it usually resembles a cloudy crystal (aluminum sulfate) or a feldspar crystal (a brown form of mica). Other awesome aluminum facts: atomic number = 13, atomic mass = 27.0, melting point = 495oC, boiling point = 980oC, and the thickness of aluminum foil = approximately 193,000 atoms. What's more...aluminum foil retains heat naturally and is typically odor and moisture proof. Recycling Reynolds has become a highly diversified company, with core operations in aluminum production and other businesses in consumer products and construction. The company was formed through a joint venture between founder Richard Reynolds and his uncle R.J. Reynolds in 1919. Reynolds first introduced its wrap during World War II; later, in 1963, it created the original aluminum beverage can. Five years later, the company became the first to recycle those cans. Shucks, foiled again! The 90s have brought rough times for Reynolds. When Jeremiah Sheehan became CEO in 1996, he decided upon an extensive company review. The result: a decision to unload dozens of less profitable subsidiaries and to delete hundreds of positions. Gone is most of Reynolds' can manufacturing, coal product manufacturing, and noncore aluminum processing. Considerably leaner, the company now consists of four central units: consumer and packaging goods, construction materials, mining (mainly bauxite, which is made into aluminum), and transportation products (car parts). However, Reynolds is still on the lookout for lucrative new niches. In late 1998, it announced that it would buy London Graphics Inc. of Toronto, a recognized leader in flexographic separations and plates for the Canadian packaging industry. And as for its traditional aluminum production, the skies ahead look clear. Sheehan announced in a March 1998 address: "Regarding the aluminum industry, our outlook is favorable. We continue to be optimistic despite present circumstances. Reynolds anticipates global consumption growth of 2.5% to 4% for the next five years." To assist with various IT needs, Reynolds hired enterprise business software provider J.D. Edwards & Co. in December 1998. Foil Wars In March 1999 Alcoa, the world's top supplier of Aluminum, made an unsolicited takeover bid for Reynolds Metals. Unbeknownst to its shareholders, Reynolds CEO Jeremiah Sheehan rejected the initial $60 per share offer as too low. Alcoa redoubled its efforts in August 1999, offering $65 per share in cash and stock as well as the assumption of $1.5 billion in debt. This offer was also rejected as inadequate. That same month, in what The Wall Street Journal dubbed, "a full blown hostile bid," Alcoa made a cash tender offer of $65 per share and publicized a plan to remove Reynolds's board of directors. One week later Reynolds caved and agreed to a slightly more lucrative agreement. The stock deal was worth $4.6 billion or $69 per share. Alcoa will also assume $1.5 billion in Reynolds's debt. Shareholders were angry with Reynolds's board for agreeing to a deal that was only slightly more profitable than the initial proposal they had rejected as inadequate. George Bergeron has taken over as CEO of Reynolds Metals and is charged with leading Reynolds through its transition from a independent company to a subsidiary of Alcoa.
Reynolds Metals hiring practices are highly decentralized, making it crucial that applicants submit their resumes to the appropriate division and department. Reynolds' employment opportunity page or http://www.rmc.com/corp/hr/ is currently under construction. However, the company encourages prospective employees to use its online contact form to submit resumes or to ask questions. The form is located at http://www.rmc.com/gen/contact.html. Company benefits include a strong health care plan (medical, mental health, prescription drugs, dental, vision), employee assistance, life insurance plans (basic life, voluntary life, accidental death and dismemberment), sick leave, sickness and accident, workers' compensation, long-term disability, social security disability, new retirement program, social security and Medicare, savings and investment plans, profit sharing and gainsharing plans, ten paid holidays annually, vacation (up to 30 days), family and medical leave, flexible spending account plans, educational assistance, savings bonds, service awards, and education reimbursement.
The rap on the wrap Reynolds receives highly mixed reviews. Because of "major restructuring," insiders are "a bit nervous" about their future with the company. They comment that Reynolds has "adopted a more streamlined culture with a tighter focus on continuous improvement" in order to make the environment more competitive. Some sources complain that the company "hasn't shown enough loyalty to its employees during recent periods of transition." One informant warns: "I have worked many years in the computer department. I feel that a bright young person should look elsewhere [for a first job]." A different insider, however, doesn't consider the company "particularly stressful." Most contacts agree that the "general culture is fairly conservative, although some departments--like computers--can be more alternative." To recruit...or not to recruit Recruiting is conducted "through newspaper ads and referrals at this point." Occasionally, the company will also enlist the aid of "contracting firms that place people on a temporary basis." The dress code, concede Vault Report contacts, is "overwhelmingly business casual" and "hours can vary depending on your responsibilities." While many contend that Reynolds' efforts to bolster operations will result in "a more stabilized environment for employees," they dislike the amount of nepotism at the office. Says one insider, "the only thing I don't like about Reynolds is the number of familial relationships that exist. I think you're less likely to be objective when you're dealing with a family member!"
Human Resources
Aluminum finished products;Aluminum sheet and plate;Primary aluminum;Beverage cans;Transportation;Building & construction;Packaging;Consumer products;Metal supply & other markets
ACX Technologies;Alcan;Billiton;Ormet;Rio Tinto plc;Superior Industries;Trans-World Metals More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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