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Alcoa sells packaging businesses for $2.7B to New Zealand firm

By: | TriCities.com
Published: December 24, 2007

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PITTSBURGH (AP) - Alcoa Inc. has agreed to sell its packaging

and consumer businesses to the Rank Group of New Zealand for $2.7

billion.

Alcoa said in April that it was considering selling the

businesses, which include its Closure Systems International,

Flexible Packaging, Consumer Products, and Reynolds Food Packaging

units.

The cash deal is expected to close in the first quarter of next

year.

The Alcoa businesses being sold employ about 10,000 workers in

22 countries.

Alcoa shares gained 96 cents, or 2.7 percent, to $36.35 in

trading Friday.

(Copyright 2007 by The Associated Press. All Rights Reserved.)