UPDATE 2-Rio sells American food packaging assets for $1.2 bln

* Sale to U.S. firm Bemis Co includes at least $1 bln cash

* Rio may write down rest of non-aluminium Alcan assets

* Sources says Amcor still in race of other packaging assets

* Rio shares down 2.2 pct in soft market (Adds background, quote)

By Denny Thomas

SYDNEY, July 6 (Reuters) - Global miner Rio Tinto (RIO.AX) (RIO.L) further improved its cash position on Monday by agreeing to sell its Americas food packaging business for $1.2 billion, and analysts said they expected more asset sales to follow soon.

Rio Tinto, which only last week raised $15.2 billion in one of the world's largest-ever rights issues, will sell the assets to U.S.-based Bemis Co Inc (BMS.N) for $1 billion in cash, with the rest potentially paid in the form of Bemis shares.

The deal moves Rio Tinto closer to the day when it can draw a line under its near-disastrous 2007 acquisition of aluminium and packaging firm Alcan. Bought near the height of the commodities boom, Alcan left Rio Tinto with $38 billion in debt.

Rio Tinto had hoped to repay some of the Alcan debt by quickly on-selling the packaging assets, but the global financial crisis delayed that plan as asset prices tumbled.