It was reported that Novelis has signed an agreement last Sunday (November 8) to sell the former Aleris' Lewisport mill’s automotive body sheet business to American Industrial Partners (AIP), a national private equity firm, with an estimated net cash income of around US$171 million.
Novelis must divest Aleris's aluminum automotive body sheet operations due to the US Department of Justice (DOJ)’s requirement for the approval of Novelis’ acquisition of Aleris’ plants in North America, Europe and, Asia.
Therefore, the Lewisport mill and a factory in Belgium were sold to a third party, and Novelis has completed the divestment of the factory in Duffel, Belgium on September 30.
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