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BP To Sell Arco Aluminum For $680M

BP is selling its U.S. aluminum business for $680 million to a Japanese consortium.

BP is selling its U.S. aluminum business for $680 million to a Japanese consortium, FinancialTimes reports. Sumitomo Light Metal Industries, FurukawaSky Aluminum, Sumitomo Corporation, Itochu and Itochu Metals are acquiring Arco Aluminium.

The deal is expected to be completed in the third quarter of 2011. The U.K. oil group was advised by RBS on the sale of the company, which supplies rolled aluminum for the production of drinks cans.

Click here for the story from Financial Times.

Click here for additional coverage from Reuters.

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