02 MARCH 2015Aleris Press Release
Aleris completes the sale of its recycling and specification alloys businesses
Edited by : AL CIRCLE
1 min read
Aleris announced today that it has completed the sale of its Recycling and Specification Alloys businesses to an affiliate of Signature Group Holdings for an aggregate of $500 million in cash and $25 million in Signature preferred stock. The sale, which was announced in October, includes 18 production facilities in North America and six in Europe that offer a wide range of metal recycling services and specification alloy products.
"The sale of the recycling and specification alloys businesses will allow us to place a stronger focus on aluminum rolled products, ensuring that we are poised to capture the benefit of strong projected growth in a variety of industries including automotive, aerospace, and U.S. building and construction," Steve Demetriou, Aleris chairman and CEO said. "The recycling and specification alloy businesses are strong and profitable, and we wish Signature and all of our former employees great success in the future."
The sale of the Recycling and Specification Alloys businesses represents a major step forward in the company's transformation to a pure play rolled products company.
"The sale of the recycling and specification alloys businesses will allow us to place a stronger focus on aluminum rolled products, ensuring that we are poised to capture the benefit of strong projected growth in a variety of industries including automotive, aerospace, and U.S. building and construction," Steve Demetriou, Aleris chairman and CEO said. "The recycling and specification alloy businesses are strong and profitable, and we wish Signature and all of our former employees great success in the future."
The sale of the Recycling and Specification Alloys businesses represents a major step forward in the company's transformation to a pure play rolled products company.
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