| Alcan Inc. (NYSE, TSX: AL) announced today the sale of its aluminum tubes business to its current management team and 21 Centrale Partners, an investment fund specialized in high-potential mid-size industrial companies. Details of the transaction were not disclosed.
"This new entity will be a leader in the aluminum tubes business, with focused management and resources for its market," said Christel Bories, President and Chief Executive Officer, Alcan Packaging. "Alcan’s strategy is to further direct our investments on markets with better growth rates, such as our other tube businesses - plastic and laminate - which remain a core operation within Alcan Packaging’s Beauty Sector," she added.
The sale consists of three plants located in Saumur (France), Kolin (Czech Republic) and Cividate al Piano (Italy). The aluminum tubes business’ 780 employees will continue to work for the new entity, which will have annual sales of approximately US$85 million.
Alcan is a multinational, market-driven company and a global leader in aluminum and packaging, as well as aluminum recycling. With world-class operations in primary aluminum, fabricated aluminum as well as flexible and specialty packaging, aerospace applications, bauxite mining and alumina processing, today’s Alcan is well positioned to meet and exceed its customers' needs for innovative solutions and service. Alcan employs 70,000 people and has operating facilities in 55 countries and regions.
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