(RTTNews.com) – Novelis Inc. announced it has signed a definitive agreement to acquire Aleris Corporation, a global supplier of rolled aluminum products, for about $2.6 billion including the assumption of debt.
As part of the acquisition, Novelis will acquire Aleris’ 13 manufacturing facilities across North America, Asia and Europe. Aleris’ new automotive finishing lines in Lewisport, Kentucky, of which a significant amount of its 200kt capacity is already under contract, along with 100kt of auto capacity in Duffel, Belgium, will allow Novelis to further diversify its global footprint and customer base.Novelis Acquire Aleris Corporation $2.6 Bln
In addition, Aleris’ Zhenjiang facility is strategically located near Novelis’ existing Changzhou plant, adding value through logistical efficiencies, closed-loop recycling, and providing greater opportunity for customer collaboration.Novelis Acquire Aleris Corporation $2.6 Bln
The acquisition is subject to customary closing conditions and regulatory approvals and is expected to close in 9-15 months. Until the closing, the companies will continue to operate as separate entities. Following close, the two companies will integrate Aleris into Novelis, which will remain headquartered in Atlanta.Novelis Acquire Aleris Corporation $2.6 Bln
The combined company will have pro forma revenues of approximately $15 billion and will operate 37 facilities, across 11 countries, with an employee base of approximately 16,500.
Read the original article on RTTNews (http://www.rttnews.com/2919082/novelis-to-acquire-aleris-for-about-2-6-bln-incl-debt.aspx)
For comments and feedback: contact editorial@rttnews.com