Alcoa today announced it has sold its packaging equipment business to American Industrial Partners and management for approximately $45 million in cash.
The sale is part of Alcoa’s divestiture program to sell certain non-core businesses. Proceeds from the sale will be used to pay debt.
The packaging equipment business is said to be a leader in producing equipment for the two-piece can industry. Its machinery line includes decorators, base coaters, embossers and body makers. Among its technologies is the ability to print magazine-quality photographs on two-piece cans.
The packaging equipment business has four facilities in North America and has approximately 250 employees.