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Alcoa Completes Sale of South American PET Business
PITTSBURGH--(BUSINESS WIRE)--Oct. 3, 2003--Alcoa today announced
it has completed the sale of its polyethylene terephthalate (PET)
packaging business in South America to Amcor PET Packaging for $75
million in cash.
The sale is part of Alcoa's previously announced divestiture
program to sell certain non-core businesses. Proceeds from the sale
will be used to pay down debt.
Alcoa will continue to serve customers in the packaging and
beverage industry throughout Latin America through its other packaging
businesses, including closures. With the completion of the sale, Alcoa
has more than 10 facilities in Latin America serving packaging and
beverage customers in Brazil, Chile, Peru, Colombia, and Argentina. To
better serve customers, Alcoa's South American closures business will
become part of the global Alcoa Closure Systems International
business.
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 as a single solution to customers.
In addition to aluminum products and components, Alcoa also markets
consumer brands including Reynolds Wrap(R) aluminum foil, 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
127,000 employees in 40 countries. For more information go to
www.alcoa.com
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