Alcoa has completed the sale of its packaging and consumer businesses to New Zealand’s Rank Group Limited.
Alcoa’s packaging and consumer businesses generated 11% of Alcoa 2007 revenues and 4.6% 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 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 $2.5 billion in cash from Rank in the sale. An additional $200 million is expected by April 2008 when regulatory and other approvals are …
