Although the company said that details of the transaction would not be disclosed, it did say that the sale was part of plans to concentrate on more profitable areas of the company's beauty packaging operations.
"This new entity will be a leader in the aluminum tubes business, with focused management and resources for its market," said Christel Bories, president and CEO, Alcan Packaging.
"Alcan's strategy is to further direct our investments on markets with better growth rates, such as our other tube businesses - plastic and laminate - which remain a core operation within Alcan Packaging's Beauty Sector," she added.
The sale consists of three plants located in Saumur, France, Kolin in the Czech Republic) and Cividate al Piano, Italy. The aluminum tubes business' 780 employees will continue to work for the new entity, which will have annual sales of approximately $85 million.
In contrast to the closures in Europe, Alcan Packaging recently announced that it was moving on the China market for cosmetic packaging. At the end of March the company confirmed that it had bought a packaging manufacturing site in Suzhou region, from where it says it will now be well placed to tap into the huge market growth there.
Alcan Packaging, which currently is a global leader in aluminum packaging with facilities in 55 countries, has signed an agreement with the local government of the Mudu New District for the manufacturing site, which will initially produce plastic and aluminum packaging for make-up and skincare such as mascaras, lipsticks, compacts, cream jars and dispensers.