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Novelis Receives Chinese Antitrust Authority Approval for Aleris Acquisition- The 21st China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
1/3/2020 管材展-鋼管展-steel tube expo-tube &pipe expo |
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World leader in aluminum rolling and recycling Novelis Inc announced that China’s State Administration for Market Regulation has approved its proposed acquisition of Aleris Corporation. With SAMR approval and having received conditional approval in the European Union, as well as a clear path forward for approval in the US, the company expects to close the transaction by January 21, 2020, the outside date under the merger agreement. Novelis Inc President and CEO Steve Fisher said “This is a significant step forward in uniting these two world-class manufacturing companies. The approval we have received from China will allow us to further enhance our strategic position in Asia and diversify our overall product portfolio.”
In addition, the transaction will strengthen Novelis’ ability to compete against steel in the automotive market, meet growing customer demand for aluminum, achieve the company’s recycling goals, and bolster its sustainability platform worldwide.
As part of the approval, Novelis has agreed to sell the Aleris plant in Duffel, Belgium to an independent, third party.
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