W.Va. Aluminum Plant Changing Owners

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Ravenswood, W.Va. (AP) -- The Alcan Rolled Products plant in Ravenswood is changing owners.

Parent company Rio Tinto announced Thursday that it had received a binding offer from funds affiliated with a U.S. private equity firm and a sovereign wealth fund run by the French government to buy a 61 percent stake in Alcan Engineered Products, excluding the cable division.

Rio said terms of the offer were confidential.

The Ravenswood plant is part of Alcan Engineered Products.

The plant opened as Kaiser Aluminum in 1957 and has changed ownership several times.

(Copyright 2010 by the Associated Press. All rights reserved.)

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