BP sells Arco Aluminum unit to Japanese consortium

British oil company BP is selling its Arco Aluminum subsidiary to a Japanese consortium for $680 million.

Arco Aluminum, which produces sheet metal for beverage cans, is based in Louisville, Kentucky.

BP said Monday that the principal partners in the consortium are Sumitomo Light Metal Industries, Furukawa Sky Aluminum Corp. and Sumitomo Corp.

BP PLC chief executive Bob Dudley said the sale is part of a drive to dispose of $30 billion in noncore assets. To date, BP has agreed to sales worth $24 billion.