Alcan denies rumours of packaging sell-off

- Last updated on GMT

Related tags: Alcan, Executive officer, Chief executive officer

Alcan has insisted that recent reports stating that its packaging
business is for sale are false.

"It is Alcan's practice to not comment on rumours, but we find that we must do so at this time, since recent speculation is not only wrong but could also be damaging to the interests of our customers, employees and shareholders,"​ said Alcan president and chief executive officer Travis Engen.

"Our packaging business is not for sale and any speculation to the contrary is unfounded. It is a high value-added, high-growth business that will continue to create value for our shareholders."

The division has been performing well of late. Recently published third quarter results showed an increase in operating profit, despite historically high raw material prices. Alcan's packaging business group profit (BGP) for the third quarter was $162 million, up $73 million from the year-ago quarter.

The increase, says the company, reflected the acquisition of Pechiney, volume growth, the realisation of synergies from the Pechiney and FlexPac acquisitions and the positive impact of the stronger euro.

"Alcan is focused on continuing the integration of the Company's and Pechiney's packaging businesses, which is on schedule and proceeding well,"​ said Engen.

Alcan's​ packaging business is truly global, with more than 100 operations and accounting for more than $3.5 billion in annual revenues.

Related topics: Processing & Packaging

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