- January 12, 2004, PRESS RELEASE
PITTSBURGH, PA, USA—Alcoa reports it has sold its packaging equipment business to American Industrial Partners and management for approximately $45 million (US) in cash. The sale is part of Alcoa's January 2003 announcement of the company's divestiture program to sell certain non-core businesses. Proceeds from the sale will be used to pay down debt, says Alcoa.
According to Alcoa, its packaging equipment business produces equipment for the two-piece can industry; the machinery line includes decorators, base coaters, embossers, and body makers. The packaging equipment business has four facilities in North America and has approximately 250 employees.
Alcoa says it will continue to serve customers throughout the packaging sector through its other various packaging businesses, including Alcoa Flexible Packaging, Alcoa Closure Systems, Alcoa Food Packaging, Alcoa Consumer Products, Alcoa Protective Packaging, Alcoa Rigid Packaging Division, Alcoa Kama, and Southern Graphic Systems.
Learn more about Alcoa at alcoa.com.