Alcan Announces Restructuring Measures
Alcan Inc. recently announced additional components of the restructuring program outlined on October 17, 2001, with a series of plant closures and divestments. The company also announced its intention to sell its glass and Pharmatech packaging assets. Under its restructuring program, Alcan will close, within the next three months, two facilities in Canada and one facility in the United States. In addition, the company will divest its extrusion operations in Malaysia and Thailand. Alcan has signed a letter of intent to sell its glass packaging operations in Park Hills, Missouri; Mays Landing, Williamstown and Millville (two plants), N.J., as well as the company's 46%-owned joint venture in Beijing, China, to Stolzle Oberglas, an Austrian packaging manufacturer. Alcan has also entered into an agreement to sell its two Pharmatech rubber stopper and aluminum seals operations located in Salisbury, Md., to Helvoet Pharma, a worldwide manufacturer of pharmaceutical closures with headquarters in Belgium.