Alcoa is selling its packaging design and imaging business for US$410
Aluminium producer Alcoa Inc will sell its Southern Graphic Systems Inc packaging design and imaging business for about US$410m. Private equity firm Citigroup Venture Capital Equity Partners (CVC) is the buyer and the sale is expected to close by the end of December.
Founded in 1968, CVC has been the lead investor in over 200 transactions over the past two decade and is one of the world’s oldest and largest private equity firms, currently managing $2.6bn in private equity partnerships with major institutional investors.
Southern Graphic Systems provides innovative packaging design solutions to enhance brand identity on a global scale and shorten clients’ ’time-to-market’ demands. The business became part of Alcoa through the acquisition of Reynolds Metals Company in 2000 and is being sold as the business is not core to the company.
Southern Graphic Systems, based in the US, has more than 30 locations in the United States, Canada, the UK and Mexico and has approximately 1500 employees.
Alcoa is the world’s leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets. The company has 131,000 employees in 43 countries, including Australia.
