Novelis to Sell European Aluminium Foil Assets

The aluminium rolled products manufacturer Novelis Inc., based in Atlanta, has announced plans to sell its three aluminum foil manufacturing plants in Europe to American Industrial Acquisition Corp. (AIAC) The transaction includes foil rolling operations in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany.

"These foil operations are well-established businesses with strong customer bases; however, they are not aligned with the Novelis growth strategy and therefore we believe they will have a better future with AIAC," says Philip Martens, president and CEO of Novelis in a release.

"Novelis is focused on growing the higher-volume, premium markets of beverage cans, automobiles and specialty products," said Martens.

According to a news release, Novelis expects the sale of the foil plants to be concluded this spring.