Rio Tinto has finished the divestment of its Alcan Packaging business with the completion of sales of its two outstanding assets. Medical Flexibles has been acquired by Amcor for US$66 million and Alcan Beauty Packaging has been acquired by Sun European Partners LLP for an undisclosed sum.
The Medical Flexibles transaction, which comprises four North American plants, recently received US Department of Justice approval. It completes Amcor's acquisition of the Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions. The rest of the transaction was completed in February 2010 for a total consideration of US$1.948 billion.
The Beauty division employs approximately 8,000 people and operates 26 plants in 12 countries.
Separately, the Alcan Packaging Food Americas division was acquired by Bemis Company, Inc in March 2010 for a total all cash consideration of US$1.2 billion.
Rio Tinto has completed divestments in excess of $10 billion since the beginning of 2008. In 2010, the Group has completed divestments of US$3.6 billion comprising Alcan Packaging Food Americas, Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions, Vickery (Coal & Allied), Maules Creek (Coal & Allied), Alcan Beauty Packaging and Alcan Medical Flexibles.
Source: http://www.riotinto.com/