Alcoa in $2.7B deal to sell packaging businesses

Dec 26, 2007 | 02:38 PM | Matthew Lerner

Alcoa Inc. said late Friday it has agreed to sell its packaging and consumer businesses to Rank Group Ltd., Auckland, New Zealand, for $2.7 billion in cash.

The transaction is expected to be completed by the end of the first quarter of 2008.

The big aluminum producer's packaging and consumer businesses generated approximately $3.2 billion in revenue and $95 million in after-tax operating income in 2006, representing approximately 10 percent of Pittsburgh-based Alcoa's 2006 revenue and some 3 percent of after-tax operating income, the company said.

In total, the businesses employ about 10,000 people in 22 countries.....

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