Rio Tinto Sells West Virginia Aluminum Plant
January 5, 2011
No Comments
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.