BP to offload Arco for $680m

BP is to sell its subsidiary ARCO Aluminium to a consortium of Japanese companies for $680m.

Sumitomo Light Metal Industries, Furukawa Sky Aluminum, Sumitomo Corporation, Itochu Corporation, and Itochu Metals Corporation are paying cash for the company.

BP chief executive Bob Dudley said: "Although a strong business, ARCO Aluminum is clearly a non-strategic asset for BP."

BP has raised more than $24bn through offloading assets since the Gulf of Mexico oil rig disaster.

The company has said it plans to raise up to $30bn through by the end of 2011, in a shake-up of the business.

ARCO Aluminum produces aluminium sheeting for the major US drink can makers.