Global aluminum rolled products producer Aleris Corp. entered into a definitive agreement to be acquired by Zhongwang USA LLC for $2.33 billion. Aleris will continue to be headquartered in Cleveland, Ohio, and will be operated as an independent entity. The company will retain its name and management team and continue to serve its customers with no changes to current operations, contracts or commitments. It will continue with the implementation of all strategic growth projects, including its major expansion project in Lewisport, Ky., which will enable Aleris to meet the North American automotive industry's growing demand for aluminum auto-body sheet.

According to Aleris, the deal will allow it to expand its capabilities to support the production of high-value advanced materials for the global automotive and aerospace markets. Zhongwang USA LLC is majority-owned and led by Liu Zhongtian, founder of China Zhongwang Holdings Ltd., the second largest aluminum extrusions product developer and manufacturer in the world and the largest in Asia. The acquisition, which is expected to close in the first quarter of 2017, provides Liu with companies that have complementary geographic footprints and capabilities.