Rio completes Alcan Packaging sales

5th Jul 2010 07:28

Mining giant Rio Tinto has sold the last two remaining parts of its Alcan Packaging business.Medical Flexibles, which comprises four North American plants, has been acquired for $66m by Amcor, and 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 other transaction relates to Alcan Beauty Packaging, which has been bought by Sun European Partners for an undisclosed sum.The Beauty division employs around 8,000 people and operates 26 plants in 12 countries.Cash strapped Rio Tinto Rio Tinto has completed divestments in excess of $10bn since the beginning of 2008.