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[IMCO LOGO]
EXHIBIT 10.2
September 29, 1997
Mr. and Xxx. Xxxxxxx Xxxxxxxxx
Alchem Aluminum, Inc.
000 Xxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxxxx 00000
Dear Xxxx and Xxxxxx:
This letter will amend our previous letter of intent, dated September 15, 1997.
All terms used herein will have the same definitions as in the letter of
intent. Paragraph 2 of the letter will be amended, to read in its entirety as
follows:
"2. Purchase Price. The total purchase price for the Stock
will be $49,250,000, less the amount of Alchem's obligations for
borrowed money as of the closing. $23,000,000 of the purchase
price will be paid in shares of IMCO common stock, with the
balance to be paid in cash. The average closing price of IMCO
common stock for the 20 trading days preceeding the date of this
letter will be utilized to determine the number of shares of IMCO
common stock to be issued at closing."
All other terms of the letter of intent will be unaffected by this amendment.
If the foregoing terms correctly set forth our understandings, please so
indicate by executing the enclosed copy of this letter and returning the copy
to the undersigned.
Very truly yours,
IMCO RECYCLING INC.
By: /s/ XXX X. XXXXXX
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Xxx X. Xxxxxx
Chairman of the Board and CEO
AGREED TO AND ACCEPTED:
/s/ XXXXXXX XXXXXXXXX
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XXXXXXX XXXXXXXXX
/s/ XXXXXX XXXXXXXXX
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XXXXXX XXXXXXXXX
[IMCO LETTERHEAD]
