Alcoa has reported a 76 percent rise in fourth quarter profits, following the sale of its packaging and consumer operations to New Zealand-based Rank Group last month.
The aluminium firm recorded a net income of US$632m (75 cents a share), up from US$359m (41 cents a share) for the same period last year.
The results include a 38 cent per share restructuring adjustment and tax benefit related to the sale to Rank, which is expected to close in the first quarter.
Despite the income increase, revenue dropped 5.8 percent to US$7.39bn due to lower aluminium prices, and the exclusion of Alcoa's soft alloy extrusion business, which is now part of a joint venture.
MCFARLANE ACQUIRE ONLINE
UK firm Macfarlane has agreed to acquire industrial packaging specialist Online Packaging for £5.1m cash.
A £4.3m sum will be paid immediately, with the remainder to follow in early 2009, provided trading targets are met.
Macfarlane says the acquisition will help develop its packaging distribution division.
In the year to 31 August 2007, Online recorded an operating profit of £600,000 on a turnover of £7.5m.
REXAM MOVE IN ON ROSTAR
Packaging company Rexam has received clearance from the Federal Antimonopoly Service (FAS) of the Russian Federation to acquire Russian beverage can maker Rostar.
The FAS has imposed several conditions on the sale, including limiting the increase of beverage can prices in Russia to 15 percent per annum for ten years, and an undertaking to invest in its Russian beverage can business to meet market growth.
The deal was first announced in July 2007.
WRAP APPOINTS FIRST DIRECTOR
The UK's Waste and Resources Action Programme (WRAP) has appointed its first director for Scottish operations.
Frank Mulgrew will be responsible for delivering WRAP's first business plan for Scotland and establishing the group's Scottish office.
WRAP says the appointment will allow it to build on the support offered to the Scottish Government throughout the past five-year delivery of the National Waste Plan.
Source: packaging-technology
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