Aleris Signs Agreement to Acquire Corus Aluminum Business

Aleris International, Inc. has entered into a definitive share purchase agreement to acquire the $1.8 billion revenue downstream aluminum business of Corus Group plc. The company had previously announced that it had signed a non-binding letter of intent concerning this transaction.

The transaction will include Corus's aluminum rolling and extrusion businesses but will not include Corus's primary aluminum smelters. The acquisition remains subject to certain regulatory approvals, with the closing envisaged in the third quarter of 2006.

Following completion of the proposed transaction, the combined company will have a total of approximately 8,800 employees and will operate 51 manufacturing locations in North America, South America, Europe and Asia.