Posted in | News | Packaging

Alcoa Completes Sale of Its Packaging and Consumer Businesses

Mar 3 2008

Alcoa today announced it has completed the sale of its packaging and consumer businesses to New Zealand’s Rank Group Limited.

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Alcoa’s packaging and consumer businesses generated approximately 11 percent of Alcoa 2007 revenues and approximately 4.6 percent of 2007 after-tax operating income. Businesses included in the sale are:

  • Closure Systems International;
  • Consumer Products, including Reynolds Wrap branded products;
  • Flexible Packaging; and
  • Reynolds Food Packaging.

In total, these packaging businesses have approximately 9,300 employees in 22 countries around the world. Alcoa will continue to operate its flat-rolled can sheet products serving the packaging market.

Alcoa received approximately $2.5 billion in cash from Rank in the sale. An additional approximately $200 million is expected by April 2008 when regulatory and other approvals are received for a small number of facilities. Lehman Brothers acted as financial advisor to Alcoa on this transaction.

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