Novelis to sell Foil Assets in Europe, Strengthen Strategic Focus on Premium Products

 

 

"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, President and Chief Executive Officer of Novelis.

 

 

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

 

 

Novelis expects the sale of the foil plants to be concluded this spring subject to completion of regulatory and other customary approvals. Novelis also expects to complete customary consultations with employee representative bodies regarding the planned sale transaction. Customer contracts will be honoured throughout the sale process and business continuity will be maintained.

 

 

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.

 

 

About Novelis

 

 

Novelis Inc. is the global leader in aluminium rolled products and aluminium can recycling. The company operates in 11 countries, has nearly 11,000 employees and reported revenue of $10.6 billion in fiscal year 2011. Novelis supplies premium aluminium sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminium and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.