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News > Companies
Reynolds to cut cans?
July 16, 1997: 6:28 a.m. ET

Manufacturer pondering whether to shed $1 billion business
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NEW YORK (CNNfn) - Reynolds Metals Co. is reportedly considering shedding all or part of its $1 billion U.S. aluminum can business.
     The move would be part of an overall effort to streamline the company and boost its stock price, according to a report in the Wall Street Journal Wednesday. Also as part of that effort, the company is reducing its staff at its Richmond, Va., headquarters by 25% to 50%, the newspaper said.
     Reynolds' aluminum can business could get as much as $1.25 billion in an outright sale, the Journal reported, quoting sources familiar with the negotiations. It has the capacity to make 18 billion aluminum cans a year. Other Reynolds units are also being eyed for possible divestment.
     The company declined comment in the Journal report.Back to top

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