US aluminum sheet maker Novelis has sold its 25% stake in a calcined coke facility in Brazil and has transferred its rights to develop and operate two hydroelectric power plants in the country.
The company sold the common and preferred shares of its 25% interest in Petrocoque SA Industria e Comercio to its partners in the business--Petrobras Quimica SA Petroquisa, Companhia Brasileira de Aluminio, and Universal Empreendimentos e Participacoes Ltda. Petrocoque produces calcined petroleum coke used in the aluminum smelting process.
Novelis also received pre-authorization from Brazil's National Electric Energy Agency to transfer its rights to develop and operate two hydroelectric power plants at Cacu and Barra dos Coqueiros, Brazil, to steel producer Gerdau Acos Longos SA. The hydroelectric rights represent a combined generating capacity of 155 MW.
Novelis received combined proceeds of $35 million associated with the divestments and expects to recognize a pre-tax gain of about $26 million in the fourth quarter of 2006. The divestments are part of a previously announced exploration of options for the company's non-core, upstream operations in Brazil.
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