Rio Tinto Plc will divest all thirteen assets in its Alcan aluminium product group, including its speciality alumina plants, as the company looks to improve its financial performance.
Anglo-Australian Rio Tinto said that interests in six Australian and New Zealand assets will transfer into a new business unit, to be called Pacific Aluminium, and will be managed separately from the Rio Tinto Alcan product group prior to divestment.
The company added that a group of its non-core assets, including three speciality alumina plants in France and Germany and its Gardanne operations in France, will continue to be managed by Rio Tinto Alcan while it seeks divestment options.
“The assets identified for divestment are sound businesses that are well-managed with productive workforces. But they are no longer aligned with our strategy and we believe they have a bright future under new ownership,” said Rio Tinto’s chief executive Tom Albanese....