BP Agrees Sale Of ARCO Aluminum

BP BP has announced that it has agreed to sell its subsidiary ARCO Aluminum to a Japanese consortium comprised of Sumitomo Light Metal Industries (40 percent), Furukawa Sky Aluminum (35 percent), Sumitomo Corporation (20 percent), Itochu Corporation (2 percent) and Itochu Metals Corporation (3 percent). The consortium will pay BP $680 million in cash and, subject to obtaining required regulatory approvals, the parties expect to complete dealings in the third quarter of this year. Bob Dudley, BP's Group Chief Executive, said that, “Although a good business, aluminum sheet production is clearly not a core business for BP, and this sale allows BP to realize the value of the business and use it for other purposes.”