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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

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.