Alcoa sells Reynolds, others to New Zealand firm

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.)

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