Pittsburgh, PA, Nov. 6--Alcoa Inc. on Thursday said it will sell off part of its chemical operations, the second large divestiture announced by the aluminum producer in a week.
Alcoa expects to close on the sale of its 60 percent interest in Alcoa Specialty Chemicals within two months. Rhone Capital LLC, which specializes in leveraged buyouts, agreed to acquire the company.
ASC is owned by Alcoa World Alumina & Chemicals, an alliance between Alumina Limited, of Australia, and Alcoa.
Financial terms of the sale were not released.
Alcoa Specialty Chemicals has annual revenues of about $360 million and 11 operating facilities in six countries. The company sells chemicals for steel and cement production, as well as to the petrochemical, plastics, automotive, ceramics, carpet and electronics industries.
The world's largest aluminum producer said in January it would rid itself of noncore sectors to pay down debt.
