Alcoa has agreed to sell its packaging and consumer businesses to New Zealand's Rank Group Limited for $2.7 billion, the company announced Wednesday. Alcoa (NYSE: AA)'s shares gained 37 cents to $37.38 in Wednesday afternoon trading.
Alcoa's packaging / consumer unit generated about $3.2 billion in revenue and $95 million in after-tax operating income in 2006, or about 3% of operating income, the company said.
Alcoa said it's also seeking to sell its Reynolds Wrap, consumer products, flexible packaging, and plastic / aluminum packaging closure units in order to more fully concentrate on its mining / aluminum production business.
Alcoa's packaging / consumer unit generated about $3.2 billion in revenue and $95 million in after-tax operating income in 2006, or about 3% of operating income, the company said.
Alcoa said it's also seeking to sell its Reynolds Wrap, consumer products, flexible packaging, and plastic / aluminum packaging closure units in order to more fully concentrate on its mining / aluminum production business.
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