Alcoa Inc. agreed to buy a Chicago-based specialty plastics company for about $441 million.
The Pittsburgh-based aluminum maker will buy Ivex Packaging Corp., which makes plastic for the food, electronics, medical and retail industries, for $21.50 a share in cash.
Ivex, which has 3,700 employees in North America, Europe and Southeast Asia, will become part of Alcoa's packaging and consumer business.
Ivex and Alcoa officials said they expect the deal to be finished in the second quarter, pending regulatory and shareholder approval.
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