The world headquarters of Alcoa Inc is seen along the north shore of the Allegheny River in Pittsburgh in this May 7, 2007 file photo. - AP

Alcoa said last Friday it had completed the sale of packaging and consumer businesses to New Zealand's Rank Group Limited.

Lehman Brothers acted as financial adviser to Alcoa on the deal, which was valued at US$2.7 billion.

The businesses included in the sale were Closure Systems International; Consumer Products, including Reynolds Wrap branded products; Flexible Packaging; and Reynolds Food Packaging.

The operations were spread across 22 countries and accounted for 9,300 jobs out of a workforce of 97,000 in 34 countries.

Alcoa also said they generated approximately 11 per cent of revenues for the group last year and 4.6 per cent after-tax operating income.

Alcoa will continue to operate its flat-rolled can sheet products serving the packaging market.

The aluminium company received US$2.5 billion in cash from Rank at closure of the sale, and is to receive another $200 million by April, once all regulatory hurdles are cleared on a few of the facilities.

business@gleanerjm.com