Aluminum company confirms it has hired firms to advise it on a possible sale.
The aluminum company Aleris, headquartered in Cleveland, has confirmed that it is formally evaluating the potential sale of its recycling and specification alloys business.
Steve Demetriou, Aleris chairman and CEO, says, "While the businesses remain steady and profitable with excellent long-term growth potential, we are always reviewing our operations to ensure that Aleris is optimizing the value of its portfolio."
The statement follows a report in the Wall Street Journal April 14, 2014, stating that the aluminum company had hired two firms, Credit Suisse Group AG and KeyBank, to advise it on a possible sale. The report says the sale could net the company more than $400 million.
According to the Aleris website, the company has 10 recycling locations in North America and six in Europe and five specification alloys locations in North America.