Rio Tinto has received a binding offer for its specialty aluminas business from HIG. A period of exclusivity has been agreed to with HIG and Rio Tinto will respond to the binding offer following consultation with the relevant European works councils. The terms of the binding offer are confidential.
Mr Guy Elliott chief financial officer of Rio Tinto said that "The potential sale is in line with our strategy of continuing to streamline our aluminium group through the divestment of non-core assets."
The specialty aluminas business is the largest integrated supplier of non-metallurgical grade aluminas with 4 production sites: Gardanne, La Bâthie, Beyrède in France, and Teutschenthal in Germany. It employs 730 people.
Source - Rio Tinto