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July 12, 2004

Alcoa Sells Brazilian Flexible Packaging Business -- Itaipava -- to Dixie Toga

PITTSBURGH--(BUSINESS WIRE)--July 12, 2004--Alcoa today announced that its Alcoa Aluminio S.A.unit has sold its Brazilian Flexible Packaging business unit known as Itaipava to Dixie Toga. Terms were not disclosed.

The decision to divest this business is part of the company's previously announced (January 2003) divestiture program to focus the company's business portfolio worldwide.

The Itaipava business employs approximately 200 people in Brazil, who will be incorporated by Itap Bemis, a packaging company controlled by Dixie Toga.

Alcoa will continue to operate its global Flexible Packaging business serving customers in the in pharmaceutical, medical, food and beverage, confectionery, retail, tobacco and electronic industries via its nine facilities. Alcoa had 2003 revenues in the packaging market of $5.4 billion.

Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components, Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. The company has 120,000 employees in 41 countries and has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indexes since 2001. More information can be found at www.alcoa.com

About Dixie Toga

As one of Latin America's leading packaging companies, Dixie Toga has 10 plants spread over Brazil and Argentina and employs around 3,400 employees. The company was established on June 30, 1995 as a result of the combination of two major packaging companies: Dixie Lalekla, founded in 1945 and regarded as one of Brazil's best producers of margarine and yogurt packagings and disposable products; and Toga, one of Latin America's leading manufacturers of flexible and semi-hard packagings, established in 1935. DT is organized into Business Units, which are divided into the following divisions: Itap Bemis, Cartridges, Labels and Laminates, Laminor, Hard Packagings, and Dixie.