Aleris International, Inc. has entered into a definitive agreement to purchase all of the issued and outstanding stock of ALSCO Holdings, Inc., the parent company of ALSCO Metals Corp., for $150 million in cash. ALSCO Metals, headquartered in Raleigh, N.C., supplies aluminum building products.
Aleris expects the acquisition to result in annualized cost savings of at least $12 million. Areas where the company hopes to take advantage of savings will include the consolidation of redundant manufacturing operations, optimizing scrap handling melting capabilities, and other cost-reduction areas.
Aleris currently operates three rolling mills, including a direct chill casting facility in Kentucky and continuous cast facilities in Ohio and California.
Through the acquisition Aleris will add a rolling mill in Bellwood, Va.; and coating and fabrication facilities located in Roxboro, N.C., Ashville, Ohio and Beloit, Wisconsin.
Closing of the sale is expected before the end of the year.
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