Alcoa has reached an agreement to sell its polyethylene terephthalate packaging business in South America to Amcor PET Packaging. The purchase price is $75 million, and the transaction is expected to close in the third quarter of this year.
The sale is part of Alcoa's previously announced divestiture program to sell certain non-core businesses.
Proceeds from the sale will be used to pay down debt. Alcoa is one of the largest PET container producers in Latin America, with sales of $130 million and nine production facilities located across Brazil, Argentina, Colombia, Peru, Uruguay and Chile.
These are the only PET bottle assets in Alcoa's global packaging business, which will continue to be a key market for the company.
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