Pechiney, a French-based company, agreed to purchase the aluminum assets of Corus Group for around $733 million.
The businesses sold to Pechiney convert aluminium ingots into rods and sheets used in aerospace and engineering. They include plants in Germany -- including the Koblenz factory, a key aerospace supplier -- as well as Belgium, Canada and China.
Once the acquisition is complete Pechiney will be the world's third largest rolling company, after Alcan, Alcoa, and Hydro Aluminium, the aluminium arm of Norwegian industrial group Norsk Hydro (Oslo:NHY.OL - News).
The salemarks a key step in Corus's plan, announced in March, to divest its aluminum businesses in order to reduce debt and focus on its core steel operations.
Corus said it was still in talks to sell its two aluminum smelters in the Netherlands and Germany, but did not say with whom. It has already sold its 20 percent stake in Alouette, the Canadian aluminum smelter, for $165 million.Latest from Recycling Today
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