Aleris acquisition will help Novelis
to offer flat-rolled aluminium items to the automotive, aerospace, and building and construction industries. Novelis
had reported revenues of $12.3 billion for the year ended March 2019, while Aleris reported revenues of $3.4 billion for the year 2018.
In March, the US department of justice announced that it would resolve an anti-trust suit challenging Novelis’s proposed merger with Aleris after Novelis
agreed to sell Aleris’ entire aluminium auto body sheet operations in the US, which will preserve competition in the important industry.
“Novelis has completed the regulatory review process and is now prepared to close the deal and begin integrating Aleris into Novelis,” said Steve Fisher, president and CEO, Novelis Inc.
“This will allow Novelis to further extend our position as the world leader in aluminum rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminum solutions.
”With the European Commission’s approval of the buyer, Novelis has now received all regulatory clearances and will move expeditiously to close the acquisition.
The acquisition will solidify Novelis’ position as the world’s No.1 aluminium value-added products player. After the acquisition, Novelis and Hindalco will have presence throughout the downstream aluminium value chain in Asia, positioning it for future growth in the region.
This also enhances the access to world class manufacturing capabilities for its existing Indian aluminium value added operations and accelerates the path to making world class products in India, Aditya Birla Group Chairman Kumar Mangalam Birla had said while announcing the acquisition.