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The eventual disposals could affect the sourcing of food and cosmetics packaging around the world.
Alain Belda, Alcoa's chairman and chief executive officer, said company executives would examine whether the units should operate as stand alone companies or be sold to another competitor.
"Our packaging and consumer business is improving and strengthening," Belda said in a statement. " In fact, first quarter earnings more than doubled compared to the prior year as the benefits of our restructuring programme are hitting the bottom line."
The units generated about 10 per cent of Alcoa's revenues in 2006 and $95m in after-tax operating income, or three per cent of the total.
The businesses up for disposal include those producing flexible packaging, closures, label foil, wraps, bags, foil and film. The disposals would include Closure Systems International and Reynolds Food Packaging.
Closure Systems makes plastic and aluminum packaging closures and capping equipment for beverage, food and personal care manufacturers. Reynolds Food provides packaging for the foodservice, supermarket, food processor and agricultural markets. It makes both plastic and foil food containers.
In total, the packaging businesses employ 10,000 staff in 22 countries. Alcoa estimates the review would be completed by the end of 2007.
Alcoa said it would also "explore strategic alternatives" for its electronic unit and automotive casting business.
If all the units were sold, Alcoa would become a pure-play aluminum producer.
Metal prices have been rising throughout 2006 and 2007. UBS forecasts aluminum prices of US$1.30/lb in the second half of 2007, rising to US$1.40/lb in 2008.
Continued rapid growth in global output, speculative demand, low stocks, and numerous supply disruptions have pushed metals and minerals prices up by an average of 48 percent by the end of 2006 since the beginning of that year.
The biggest increases in metals prices were those of copper (up 64 percent), zinc (up 110 percent), and nickel (up 144 percent), according to a World Bank report.