Mining company Rio Tinto
(ASX:RIO) has completed the divestment of its Alcan Packaging business following the sale of the last two outstanding assets.
The latest divisions to go are the Medical Flexibles division, sold to Amcor for US$66 million.
Rio also sold Alcan Beauty Packaging to Sun European Partners for an undisclosed sum.
Over $10 billion of divestments have been made since Alcan was taken over by Rio in 2007 for US$38.1 billion, US$3.6 billion in this year alone.
Rio initially purchased Alcan packaging when commodities were experiencing a boom.
Debts from the acquisition have since encouraged Rio to sell non-core parts, the final sell-off now complete.
Rio Tinto recorded a net profit of 5.4 billion dollars for the year ending 30 December 2009.
