Alcoa (AA) said it will sell its packaging and consumer businesses by next year.
The New York-based smelter, which earlier this year was rebuffed in an unsolicited bid to acquire rival Alcan (AA), said it is also near a definitive agreement to sell its automotive castings business and should close that transaction by the end of the year. Alcoa said it expects to take $845 million in restructuring charges to cover costs tied to the transactions. Alcoa has sold or closed a number of businesses this year as activist investors pressure the company to slim down and improve shareholder returns. Shares rose 39 cents to $38.05.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,890.46 | 1,351.95 | 2,927.23 | 20.47 |
Oil *
118.75
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6.51 |
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1.99 |
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11.37 |
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0.72 |
10 Yr
2.05%
SPDR Gold
168.02
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+0.05%
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+0.15%
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+0.39%
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+3.65%
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