Rio Tinto Sells West Virginia Aluminum Plant
Rio Tinto completed the sale of the Alcan Rolled Products plant in Ravenswood, W.V. Rio Tinto sold its 61% stake in its Alcan Engineered Products operation. The aluminum rolling plant is part of Alcan Engineered Products. The international mining company agreed to sell 51% to funds related to Apollo Management Group, a New York private-equity firm, and a 10% stake to funds connected to Fonds Strategique d'Investissement, a sovereign wealth fund run by the French government. Rio Tinto retains a 39% share in the company. The Ravenswood plant opened as Kaiser Aluminum in 1957 and has changed ownership several times.