BP agrees sell Arco Aluminum $ 680 million

BP agrees to sell Arco Aluminum for $ 680 million

1:09 PM, 17th June 2011
BP agrees to sell Arco Aluminum for $ 680 million
Bob Dudley, Group Chief Executive BP.

LONDON, UK: BP announced it has agreed the sale of its wholly-owned subsidiary, ARCO Aluminum Inc to a special purpose vehicle incorporated by a consortium of Japanese companies. ARCO Aluminum is a supplier of rolled aluminium sheet, used primarily in the production of beverage cans.

Under the terms of the agreement the consortium - comprised of Sumitomo Light Metal Industries, Ltd (40 per cent), Furukawa Sky Aluminum Corp (35 per cent), Sumitomo Corporation (20 per cent), Itochu Corporation (2 per cent), and Itochu Metals Corporation (3 per cent) - will pay BP $ 680 million in cash. The transaction is expected to be completed in third quarter of 2011.

“Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP. Today’s agreement will deliver an attractive price for the business, unlocking its value for our shareholders,” said Bob Dudley, Group Chief Executive BP.

© WOC News




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