Aleris says it has signed a definitive agreement to sell its aluminium extrusions business to Sankyo Tateyama, a Japanese building products and extrusions manufacturer.
The sale includes four production facilities in Europe and one in China. The facilities specialise in production of medium and hard alloy extrusions, serving the rail, automotive and aerospace industries.
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Sankyo Tateyama has agreed to pay a purchase price of EUR35.5m (US$43.6m) for the business and assume around EUR46m of pension liabilities. The transaction is expected to close in the first quarter of 2015.
“The sale of our extrusions business represents the last step in our strategy to position Aleris to become a pure global rolled products business focused on serving a diverse set of industries including automotive, aerospace, building and construction,” said Aleris chairman and CEO, Steve Demetriou.
“We will use the proceeds from the sale of extrusions to strengthen our balance sheet and enhance our liquidity as we continue to reinvest in our rolled products capabilities.”
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