It is reported that Rio Tinto sold two unprofitable aluminum plants in France to a German company and a state-run French utility.
Trimet AG reportedly would acquire a 65% interest in the businesses while Electricité de France would buy the remaining 35%.
The German aluminum group is said to acquire a smelter in the French Alps and a transformation unit in the south of France.
The two companies didn't disclose the price for the purchase but reportedly said they had committed to invest 200 million Euros to modernize the facilities.
In the past few months, Rio Tinto was looking into closing the facilities or to sell it as they say it had become less competitive.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=65449&division=A9
