Aleris sells extrusion plants to Sankyo Tateyama

LONDON (Scrap Monster):  The company declared that, it had already signed the deal with the Japan based company, which focuses on building aluminum products and also make extrusions, in order to sell the four extrusion plants located in Europe and also 1 extrusion plant which is located in China, which specializes in producing both hard and also medium alloy extrusions, which is used in constructing rails, and also automotive and aerospace industries.

The company also stated that, Sankyo Tateya had agreed in the deal between the companies that it is willing to pay, 43.6 million dollars, which is 35.3 million euro, at the current exchange rate, and also another 53.5 million dollars. The sale of the plants is expected to be completed by the first quarter of next year.

This is not the first time that the company is selling off their parts of business this year. In the month of October, the company had announced its plans to sell the company’s North American and European Recycling and Specification Alloy businesses.

The Chairman and the Chief executive Officer of the company, Steve Demetriou, stated that, the company’s selling of the extrusion business represents that, the company is fully focused on becoming a fully global rolled aluminum product distributor, and is planning on serving the automotive industries, aerospace, and construction industries.

He also stated that the company will make use of the proceeds from the sale of the extrusion plants, and invest product it into the company’s rolled products division.