16 APRIL 2014www.crainscleveland.com
Aleris considers potential sale of recycling and custom alloy unit
Edited by : AL CIRCLE
1 min read
Beachwood-based aluminum product maker Aleris Corp. said it is “formally evaluating the potential sale” of its Recycling and Specification Alloys businesses.
"While the businesses remain steady and profitable with excellent long-term growth potential, we are always reviewing our operations to ensure that Aleris is optimizing the value of its portfolio," said Aleris chairman and CEO Steve Demetriou in a news release.
Aleris said that following a “comprehensive review” of options for the recycling and custom alloy manufacturing unit, it “may choose to retain the business.”
The Wall Street Journal reported on Monday that Aleris had hired advisers to sell the unit.
Citing “people familiar with the matter,” The Journal reported that the unit, which has operations in North America and Europe, “could fetch more than $400 million.” It had earnings before interest, taxes, depreciation and amortization of $68.3 million in 2013, according to a regulatory filing.
The unit recycles scrap generated from manufacturing of items ranging from beverage cans to used vehicles. It also combines aluminum scrap to produce customized alloy and chemical products.
"While the businesses remain steady and profitable with excellent long-term growth potential, we are always reviewing our operations to ensure that Aleris is optimizing the value of its portfolio," said Aleris chairman and CEO Steve Demetriou in a news release.
Aleris said that following a “comprehensive review” of options for the recycling and custom alloy manufacturing unit, it “may choose to retain the business.”
The Wall Street Journal reported on Monday that Aleris had hired advisers to sell the unit.
Citing “people familiar with the matter,” The Journal reported that the unit, which has operations in North America and Europe, “could fetch more than $400 million.” It had earnings before interest, taxes, depreciation and amortization of $68.3 million in 2013, according to a regulatory filing.
The unit recycles scrap generated from manufacturing of items ranging from beverage cans to used vehicles. It also combines aluminum scrap to produce customized alloy and chemical products.
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