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Novelis Inc., the world leader in aluminum rolling and recycling, today announced that it has signed a definitive agreement for the sale of its North American consumer foil products business to Reynolds Consumer Products, Inc.
The transaction includes foil manufacturing plants in Toronto, ON, and Vancouver, BC, in addition to sales offices and distribution facilities located in Montreal, QC; Mississauga, ON; and LaGrange, Ga. The purchase price is $35 million, subject to customary adjustments.
"The North America consumer foil products business is a successful part of our company; however, it is not aligned with Novelis' growth strategy. Our primary focus is to continue our growth in the premium markets of automotive, beverage cans and specialty products, and to expand our recycling leadership," said Marco Palmieri, Senior Vice President and President of Novelis North America. Over the past three years, Novelis has invested $1.7 billion in global expansions to serve these markets.
The sale of Novelis' consumer foil products business is subject to receipt of regulatory and other customary approvals. The consumer foil products business includes approximately 200 employees.
Forward Looking Statements
Statements made in this news release describing Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2013.
