| Alcan Inc. (NYSE, TSX: AL) announced today that it has reached an agreement to sell Guardian Espanola S.A. to its current local management team. Terms of the transaction were not disclosed.
"Guardian will now be able to better focus on its market, while benefiting from a very committed and experienced management team," said Christel Bories, President and Chief Executive Officer, Alcan Packaging. "To successfully grow our packaging business, we must implement a selective approach in our investment strategy. Guardian’s range of products no longer matched our current packaging portfolio," she added.
Located in Vitoria, Spain, Guardian produces flexible packaging and promotional items such as rub-on tattoos. The company recorded sales of €5 million (approximately US$6.73 million) in 2004 and employs 28 people.
Following the completion of this sale, Alcan Packaging will continue to employ more than 800 people in 4 plants in Spain: located in Alzira near Valencia (flexible food packaging), Zaragoza (flexible food packaging), Badalona (aerosol cans) and Barcelona (beauty packaging).
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 73,000 people and has operating facilities in 55 countries and regions.
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