Novelis to sell North American foil businessStaff writer ▼ | November 22, 2013
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.
Novelis operates in nine countries, has approximately 11,000 employees and reported revenue of $9.8 billion for its 2013 fiscal year. The company is part of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. ■