Rio Tinto may sell its specialty aluminas business after receiving an offer from private investment firm HIG.

The terms of the binding offer were not disclosed, but Rio on Thursday said it would respond after consulting the relevant European works councils.

Rio’s Europe-based specialty aluminas business employs 730 people and produces materials used in ceramics, abrasives and glass.

“The potential sale is in line with our strategy of continuing to streamline our aluminium group through the divestment of non-core assets,” Rio chief financial officer Guy Elliott said in a statement.