Novelis to Sell Foil Assets in Europe, Strengthen Strategic Focus on Premium Products
"Novelis is focused on growing the higher-volume, premium markets of beverage cans, automobiles and specialty products," said Martens.
20 Mar 2012 --- Novelis Inc., the world's leading producer of aluminum rolled products, announced the planned sale of three aluminum foil manufacturing plants in Europe to American Industrial Acquisition Corporation (AIAC). The transaction includes foil rolling operations in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany.
"These foil operations are well-established businesses with strong customer bases; however, they are not aligned with the Novelis growth strategy and therefore we believe they will have a better future with AIAC," said Philip Martens, President and Chief Executive Officer of Novelis.
"Novelis is focused on growing the higher-volume, premium markets of beverage cans, automobiles and specialty products," said Martens.
Novelis expects the sale of the foil plants to be concluded this spring subject to completion of regulatory and other customary approvals. Novelis also expects to complete customary consultations with employee representative bodies regarding the planned sale transaction. Customer contracts will be honored throughout the sale process and business continuity will be maintained.
The combined employee population of the foil plants included in the transaction is approximately 850. Following the separation, Novelis' total European employee population will be approximately 4,400.
