IMCO Recycling and Commonwealth Industries Become Aleris International
Irving, TX and Louisville, KY—IMCO Recycling Inc. and Commonwealth Industries, Inc. announced that, following the completion of their proposed merger, they will name the merged company Aleris International, Inc.
Steven J. Demetriou, president and chief executive officer of Commonwealth who will lead the merged company, said, "We chose this name because it combines the words 'alliance,' 'aluminum' and 'era' and reflects the merger of two leading aluminum companies and the beginning of a new era of growth and development. Aleris will be a symbol of our new culture. We will stress speed, focus and discipline in our drive for industry-leading operating and financial results.
"Aleris will be a global leader in aluminum recycling and specification alloys and one of the leading U.S. producers of rolled aluminum sheet," Mr. Demetriou said. "Our recycling operations will provide a direct, integrated supply of metal to the company's rolling mills. Aleris will also be one of the world's largest zinc recyclers and a major manufacturer of value-added zinc products. The merged company will benefit from improved metal sourcing capabilities, a stronger competitive position realized through greater scale and scope, a streamlined cost structure, enhanced ability to pursue growth opportunities and better access to capital. We will use these combined benefits to provide our customers with world-class products, services and industry leadership in all of our operating areas."
Upon completion of the merger, Aleris will begin operations later this year. The vertically integrated aluminum recycler and sheet manufacturer will have annual net sales of about $2 billion on a pro-forma basis, approximately 3,200 employees and 30 facilities worldwide.