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| June 2, 2003
Alcoa to Divest South American PET Business
PITTSBURGH--(BUSINESS WIRE)--June 2, 2003--Alcoa (NYSE:AA) today
announced it has reached an agreement to sell its polyethylene
terephthalate (PET) packaging business in South America to Amcor PET
Packaging. The purchase price is $75 million, and the transaction is
expected to close in the third quarter of 2003.
The sale is part of Alcoa's previously announced (January 2003)
divestiture program to sell certain non-core businesses. Proceeds from
the sale will be used to pay down debt. Alcoa is one of the largest
PET container producers in Latin America, with sales of $130 million
and nine production facilities located across Brazil, Argentina,
Colombia, Peru, Uruguay and Chile. These are the only PET bottle
assets in Alcoa's global packaging business, which will continue to be
a key market for the company.
Alcoa will continue to serve customers in the packaging and
beverage industry throughout Latin America through its other packaging
businesses, including closures. Following the sale, Alcoa will
continue to have more than 10 facilities in Latin America serving
packaging and beverage customers in Brazil, Chile, Peru, Colombia, and
Argentina.
About Alcoa
Alcoa is the world's leading producer of primary aluminum,
fabricated aluminum and alumina, 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, precision castings, and electrical distribution
systems for cars and trucks. The company has 127,000 employees in 40
countries. More information can be found at www.alcoa.com
About Amcor
Amcor is a leading global packaging company with annual sales of
over US$7.2 billion (A$11 billion.) The company is based in Australia
and has operations throughout Australasia, Asia, Europe and the
Americas. Amcor offers a broad range of plastic, metal, fiber and
glass packaging, with special focus on PET containers, flexible
packaging, and metal and plastic closures for the food and beverages
industries.
Forward Looking Statement
Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements
involving known and unknown risks and uncertainties that may cause
actual results, performance or achievements to be different from those
expressed or implied in the forward-looking statements. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include Alcoa's inability to
complete the divestiture, a change in sale price, and other risk
factors summarized in Alcoa's Form 10-K for the year ended December
31, 2002.
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