It was announced today that Corus will sell its Aluminium Rolled Products and Extrusions businesses.
The sale to Pechiney, the worlds fourth largest aluminium producer, for £543m ($841m) ensures the survival of the aluminium businesses.
The sale incorporates plants in Belgium and Germany as well as joint ventures in China and Canada and follows on from the sale to Alcan Inc. of its 20% stake in Alouette, the Canadian aluminium smelter on 17th September 2002.
The deal was viewed by Corus Chief Executive, Tony Pedder, to be positive, "As well as providing good value to Corus, the proposed sale to Pechiney secures the future of our aluminium businesses."
The deal is also beneficial in reducing the debt burden carried by Corus which at the end of June stood at £1.68bn.
The sale of the remaining two smelters in Netherlands and Germany had not been concluded but discussions with interested parties were ongoing.
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