Rio Sells Alcan Unit To Schweiter For $349M

Law360, New York (September 22, 2009, 6:47 PM EDT) -- Rio Tinto PLC has agreed to sell its Alcan Composites business to Zurich-based Schweiter Technologies AG for $349 million, the companies said Tuesday, marking the U.K.-based natural resources giant's latest bid to cut the debt it took on when it acquired Canadian aluminum producer Alcan Inc. for $38 million in 2007.

Both sides expect the deal to close by the end of the year pending antitrust approval and consultations with employee representatives.

The companies did not provide additional details about the structure of the transaction, though...
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