02 JULY 2014Novelis Press Release
Novelis completes sale of North America consumer foil business to Reynolds consumer products
Edited by : AL CIRCLE
2 min read
Novelis Inc., the world leader in aluminum rolling and recycling, today announced that it has completed the sale of its North American consumer foil products business to Reynolds Consumer Products LLC for $33.75 million.
The transaction includes foil manufacturing plants in Toronto, ON, and Vancouver, BC, in addition to sales offices and distribution facilities located in Montreal, QC; Mississauga, ON; and LaGrange, Ga.
"Our growth plan at Novelis is focused on expanding our recycling leadership and providing premium rolled aluminum products in the automotive, beverage cans, light gauge and specialties markets," said Marco Palmieri, Senior Vice President of Novelis and President of Novelis North America. "The consumer foil products business, while successful, is not aligned with this strategy."
Forward Looking Statements
Statements made in this news release describing Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2014.
The transaction includes foil manufacturing plants in Toronto, ON, and Vancouver, BC, in addition to sales offices and distribution facilities located in Montreal, QC; Mississauga, ON; and LaGrange, Ga.
"Our growth plan at Novelis is focused on expanding our recycling leadership and providing premium rolled aluminum products in the automotive, beverage cans, light gauge and specialties markets," said Marco Palmieri, Senior Vice President of Novelis and President of Novelis North America. "The consumer foil products business, while successful, is not aligned with this strategy."
Forward Looking Statements
Statements made in this news release describing Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2014.
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