Rio Tinto sells off an Alcan unit | Shanghai Daily

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August 19, 2009

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Rio Tinto sells off an Alcan unit

PACKAGING company Amcor has offered to buy Rio Tinto's remaining Alcan Packaging divisions for US$2.025 billion, the mining giant said yesterday.

The offer encompasses global packaging operations that span pharmaceuticals, tobacco and food.

"We believe Amcor's offer is in the interests of all stakeholders," Rio Tinto Chief Financial Officer Guy Elliott said.

Rio incurred significant debt in its 2007 purchase of Canadian aluminum giant Alcan Inc for US$38 billion, and earlier this year sold its Alcan Packaging Food Americas division to US-based Bemis Company Inc for US$1.2 billion.

"We have already agreed to asset sales of US$6.6 billion over the last 18 months, despite the challenging financial markets," Elliott said.

The divisions of Alcan Packaging that would be sold to Amcor employ about 14,000 staff at 80 locations in 28 countries.





 

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