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Rio Tinto finished the divestment of its Alcan Packaging business with the completion of sales of its two outstanding assets. The Medical Flexibles branch was acquired by Amcor for US$66 million and the Alcan Beauty Packaging component was acquired by Sun European Partners LLP for an undisclosed sum.
The Medical Flexibles transaction, which comprises four North American plants, recently received U.S. Department of Justice approval. It 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 US$1.948 billion.
The beauty division employs approximately 8,000 people and operates 26 plants in 12 countries.