Aleris enters agreement with Corus
Group Plc
Beachwood, OH— Aleris International, Inc.
announced that it has entered into a definitive share purchase agreement
to acquire the $1.8 billion revenue downstream aluminum business
of Corus Group Plc. The Company had previously announced in March
that it had signed a non-binding letter of intent concerning this
transaction.
The transaction will include Corus’s aluminum
rolling and extrusion businesses but will not include Corus’s
primary aluminum smelters. Aggregate net cash consideration for
the acquisition will be approximately €700 million, excluding
the assumption of approximately €28 million of debt as well
as certain other liabilities. The acquisition remains subject to
certain regulatory approvals, with the closing envisaged in the
third quarter of 2006.
Following completion of the proposed transaction,
the combined company will have a total of approximately 8,800 employees
and will operate 51 manufacturing locations in North America, South
America, Europe and Asia.
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