Alcoa, the world's leading producer of primary and fabricated aluminium, has announced it is to explore “strategic alternatives” for the disposal of its Packaging and Consumer “segments”.
The businesses which make up these segments employ 10,000 staff in 22 countries, and include operations producing flexible packaging, pouches, blister packs, unitising films, shrink labels and foil lidding, plastic and aluminium closures and capping equipment, private label foil, wraps and bags, and foodservice and agricultural films, foils and plastic and foil containers. In 2006 they generated US$3.2bn in revenues and US$95m in after-tax operating income, representing 10 per cent of Alcoa's revenues that year.
Alain Belda, Alcoa chairman and ceo, says: “Our packaging and consumer business is improving and strengthening. In fact first quarter earnings more than doubled compared with the prior years as the benefits of our restructuring programme are hitting the bottom line. However now is the right time for us to explore whether these businesses may provide more value on their own or as part of another company.”
