Alcoa, the global aluminium group, has sold its packaging and consumer businesses to New Zealand’s Rank Group for £1.36bn ($2.7bn) in cash.
The businesses included in the sale are Closure Systems International, which makes plastic and aluminium packaging closures; Alcoa’s consumer products and flexible packaging divisions; and Reynolds Food Packaging, which serves the foodservice, supermarket, food processing and agricultural markets. Together, they generated sales of £1.6bn and after-tax operating profit of £48m in 2006, and employ 10,000 people in 22 countries. Alcoa said in April 2007 that it was exploring strategic alternatives for these businesses.
The transaction is expected to be completed by the end of the first quarter of 2008.
Alcoa will continue to operate its flat-rolled can sheet products serving the packaging market.
Rank Group, owned by New Zealand’s richest man, Graeme Hart, already owns Australasian packaging group Carter Holt Harvey, and earlier in 2007 bought beverage carton manufacturer SIG Holding, as well as International Paper’s drinks business.
The businesses included in the sale are Closure Systems International, which makes plastic and aluminium packaging closures; Alcoa’s consumer products and flexible packaging divisions; and Reynolds Food Packaging, which serves the foodservice, supermarket, food processing and agricultural markets. Together, they generated sales of £1.6bn and after-tax operating profit of £48m in 2006, and employ 10,000 people in 22 countries. Alcoa said in April 2007 that it was exploring strategic alternatives for these businesses.
The transaction is expected to be completed by the end of the first quarter of 2008.
Alcoa will continue to operate its flat-rolled can sheet products serving the packaging market.
Rank Group, owned by New Zealand’s richest man, Graeme Hart, already owns Australasian packaging group Carter Holt Harvey, and earlier in 2007 bought beverage carton manufacturer SIG Holding, as well as International Paper’s drinks business.
Source: packagingnews
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