Novelis Inc., a leader in aluminum rolling and recycling, announced that the European Commission approved its proposed acquisition of Aleris Corporation.
The approval is conditioned upon the sale of Aleris’ plant in Duffel, Belgium, which produces aluminum for the automotive and specialties markets. Novelis is working expeditiously to market the plant to potential buyers, with the chosen counterparty and the definitive agreement for divestiture subject to European Commission approval.
“Today’s announcement is another step forward in bringing Novelis and Aleris together, which will benefit our customers, employees and the aluminum industry as a whole,” said Steve Fisher, president and chief executive officer, Novelis Inc. “Overall, this transaction will strengthen our ability to compete against steel in the automotive market, meet growing customer demand for aluminum, achieve our recycling goals, and bolster our sustainability platform worldwide. In addition, it will further enhance our strategic position in Asia and diversify our overall product portfolio.”
The company expects to close the transaction by January 21, 2020, the outside date under the merger agreement.
Published in the November 2019 Edition