Novelis Inc. announced that the European Commission has approved its proposed acquisition of Aleris Corp. The approval is conditioned upon the sale of Aleris' plant in Duffel, Belgium, which produces aluminum for the automotive and specialties markets. Novelis is working to market the plant to potential buyers. With this conditional approval in the European Union, as well as a clear path forward for approval in the U.S., the Atlanta-based company continues to work closely with the Chinese State Administration for Market Regulation (SAMR) to receive its approval. According to Novelis, the transaction will strengthen its ability to compete against steel in the automotive market, meet growing customer demand for aluminum and achieve its recycling goals.
Industrial Heating reported in September that Novelis reaffirmed its full commitment to closing its proposed acquisition of Aleris, a global supplier of rolled aluminum products. The transaction is expected to close by January 21, 2020.