Rio Tinto (ASX:RIO) has arranged to sell composite materials manufacturing unit Alcan Composites to Switzerland’s Schweiter Technologies for US$349 million ($399.8 million).
The sale price was something of a bargain, as Alcan Composites earns an annual revenue of around US$649 million.
But Rio Tinto is eager to divest the non-core assets which came bundled with its US$27 billion acquisition of Alcan.
The deal follows last week’s sale of a 56% stake in another such asset, Alcan Engineered Products Cable, to the US-based Platinum Equity.
“In the last three months we have made significant inroads into divesting the downstream assets acquired with Alcan,” finance director Guy Elliott said.
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