Rio Tinto (ASX:RIO) Sells Alcan Composites to Schweiter Technologies (SWF:SWTQ)
Melbourne, Sep 22, 2009 AEST (ABN Newswire) - Rio Tinto Ltd. (ASX:RIO) said Tuesday it has entered into an agreement to sell Alcan Composites, part of the Alcan Engineered Products division, to Switzerland's Schweiter Technologies AG (SWF:SWTQ) for a total consideration of US$349 million.
Rio has been seeking to offload the Alcan engineering assets since its 2007 takeover of the aluminum group. "In the last three months, we have made significant inroads into divesting the downstream assets acquired with Alcan, including offers or agreed sales for the majority of Alcan Packaging & Cable," said Guy Elliott, financial director of Rio Tinto.
Last week, Rio also announced a sale of 56 per cent of the Alcan Engineered Products Cable business to Platinum Equity.
Schweiter Technologies is a Swiss listed company focusing on the manufacture of textile and semiconductor machinery while Alcan Composites is a world leading sandwich composite materials manufacturing business focused on the display, architecture, and wind energy sectors. Headquartered in Sins, Switzerland, it operates 16 plants in Europe (Germany and Switzerland), the USA, South America, China and India and employs approximately 3,000 people.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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