Novelis announced Tuesday its acquisition of Aleris Corporation is complete and will take ownership of the latter’s 13 North American, European and Asian plants.
The sale, which was completed for $2.8bn, will help Novelis enlarge its footprint in Asia by integrating new assets like recycling, casting, rolling, and finishing capabilities. Moreover, the company will take over Aleris’s portfolio in the aerospace industry.
Kumar Mangalam Birla, chairman of Aditya Birla Group and Novelis, lauded the acquisition as a milestone amid worldwide turbulence catalyzed by the COVID-19 pandemic. Despite difficulties in the world economy, he added that the company will diversify its metal portfolio in the aerospace market.