Novelis Inc., a producer of aluminum rolled products, announced on March 7 the planned sale of three aluminum foil manufacturing plants in Europe to American Industrial Acquisition Corporation (AIAC).
The company explained that these operations don't fit in with the company's strategy going forward. "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," said Philip Martens, CEO of Novelis.
Martens said the company is looking grow the "higher-volume, premium markets of beverage cans, automobiles and specialty products."
The transaction includes foil rolling operations in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany.
The combined employee population of the foil plants included in the transaction is approximately 850. Following the separation, Novelis' total European employee population will be approximately 4,400.
Globally the company has 11,000 employees and serves the automotive, transportation, packaging, construction, industrial, electronics and printing markets.