Novelis signs agreement to sell former Aleris Lewisport mill
2020-11-11 09:38:09 [Print]
Novelis signed an agreement last Sunday to sell the former Aleris Lewisport automotive body sheet plant to American Industrial Partners, a private equity firm, for estimated net cash proceeds of approximately $171 million.
Novelis announced in April it had acquired rolled aluminum producer Aleris plants across North America, Europe and Asia. But, Novelis was required to divest some of Aleris' assets to satisfy U.S. Department of Justice regulations.
So, the Lewisport mill and a plant in Belgium were sold to a third party. On Sept. 30, Novelis completed the required divestment of the Belgium plant. The Lewisport mill was operating as an individual identity and was still operating under the Aleris name until it could be sold to another buyer.
Novelis announced in April it had acquired rolled aluminum producer Aleris plants across North America, Europe and Asia. But, Novelis was required to divest some of Aleris' assets to satisfy U.S. Department of Justice regulations.
So, the Lewisport mill and a plant in Belgium were sold to a third party. On Sept. 30, Novelis completed the required divestment of the Belgium plant. The Lewisport mill was operating as an individual identity and was still operating under the Aleris name until it could be sold to another buyer.
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