Mining company Rio Tinto Ltd has finished the divestment of its Alcan Packaging business, after completing the sales of its Medical Flexibles and Beauty Packaging divisions.
The Medical Flexibles division was sold to Amcor for $66 million, while Alcan Packaging was sold to Sun European Partners LLP for an undisclosed sum.
“The Medical Flexibles transaction, which comprises four North American plants, recently received U.S. Department of Justice approval,” Rio Tinto said in a release. “It completes Amcor’s acquisition of the Alcan Packaging global Pharmaceuticals, global Tobacco, Food Europe and Food Asia divisions. The rest of the transaction was completed in February 2010 for a total consideration of $1.948 billion.”
The businesses were bought as part of Rio Tinto's takeover of Alcan in 2007 for $38.1 billion.
The purchase, near the height of the commodities boom, saw Rio Tinto saddled with debt, and the miner later sought to sell down non-core parts of Alcan.
Since the start of 2008, Rio Tinto has made divestments worth more than $10 billion.
Rio Tinto’s business is finding, mining, and processing mineral resources.
Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore.
Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.
SOURCE: Rio Tinto
Edited by Ellie Duncan