Atlanta-based Novelis Inc. has received the final clearance needed to complete its acquisition of Beachwood-based Aleris Corp., a global supplier of rolled aluminum products.
The approval was held up by a European Commission requirement that Novelis divest Aleris' plant in Duffel, Belgium, to a third party approved by the commission. Liberty House Group, which is a part of the Gupta Family Group, will acquire the facility under its newly formed ALVANCE subsidiary for $339 million.
"Novelis has completed the regulatory review process and is now prepared to close the acquisition and begin integrating Aleris into Novelis," CEO Steve Fisher said in a statement. "This will allow Novelis to further extend our position as the world leader in aluminum rolling and recycling and meet increasing customer demand for high-performing, sustainable aluminum solutions."