Novelis, a major player in aluminum can recycling and aluminum rolled products, has reported that American Industrial Acquisition (AIAC)’s unit, Eurofoil has completed the acquisition of Novelis’ three European aluminum foil and packaging facilities.
The acquisition includes Novelis’ foil rolling plants in Berlin, Germany; Dudelange, Luxembourg; and Rugles, France. The three foil rolling operations will now run as Eurofoil Paper Coating, Eurofoil Luxembourg, and Eurofoil France, respectively.
Novelis’ Senior Vice President, Tadeu Nardocci, who also serves as President of Novelis Europe, reported that even though these three plants are no longer in line with the company’s business strategy, these operations are good businesses, and he is happy to see their continuation as a part of AIAC. Novelis aims at expanding its presence in the premium markets of automobiles, specialty products and beverage cans as well as in the recycling market.
Eurofoil’s Managing Director, Willem Loue commented that these businesses have skilled employees, strong asset base, and are leaders in their serving markets. They improve and complement AIAC's expanding portfolio of cutting-edge production operations. Although the company is proud of the facilities’ legacy in the key aluminum corporations, the company is now considering its future in the AIAC group of companies. At present, the company is in a good position to improve its footprint in the foil and packaging markets in Europe.
Source: http://www.novelis.com/