- October 08, 2003, PRESS RELEASE
PITTSBURGH, PA & INDIANAPOLIS, IN, USA—Late last week, Alcoa reported it had completed the sale of its polyethylene terephthalate (PET)—better known as polyester—packaging business in South America to Amcor PET Packaging for $75 million (USD) in cash.
According to the mfr., the sale is part of its previously announced divestiture program to sell certain "non-core" businesses, adding that the proceeds from the sale will be used to pay down debt.
Alcoa says it will continue to serve customers in the packaging and beverage industry throughout Latin America through its other packaging businesses, including its closure business.
Closure Div. Develops New Dairy Package Seal
Alcoa also reports its Alcoa Closure Systems International (CSI) business has expanded its presence "dramatically" in the $100 million fluid-milk closure market. The co. describes its new Seal-MAX 38mm screw-on/screw-off closure as "a major advance in dairy packaging, designed to prevent leakage in milk containers, yet is easy to open and offers improved tamper evidence," states Alcoa.
According to the mfr., the Seal-MAX closure features a robust molded-in liner that provides a tight seal even when there are minor imperfections in the bottle finish. Learn more about Alcoa at alcoa.com.