02:48 GMT +316 October 2019
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    A photographer takes a picture of the logo of China Zhongwang Holdings Limited displayed at a news conference in Hong Kong (File)

    Chinese Company to Buy US Aluminum Products Manufacturer Aleris for $2.33Bln

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    Chinese company Zhongwang will acquire the US-based aluminum products manufacturer Aleris Corporation for $2.33 billion, according to the statement of Aleris Corporation.

    WASHINGTON (Sputnik) — The US-based aluminum products manufacturer Aleris Corporation announced in a press release on Monday that the Chinese company Zhongwang will acquire it for $2.33 billion.

    "Aleris Corporation, a global aluminum rolled products producer, announced today that it has entered into a definitive agreement to be acquired by Zhongwang USA LLC," the release said. "The aggregate value of Aleris amounts to $2.33 billion, comprising $1.11 billion in cash for the equity to be paid by Zhongwang USA, plus $1.22 billion in net debt."

    Aleris will keep its name and its headquarters in Cleveland, Ohio, the release also noted.

    The sale is expected to close in the first quarter of 2017 after regulatory approvals, according to Aleris.

    The parent company of Zhongwang USA LLC is China Zhongwang, which is the second largest industrial aluminum extrusion developer and manufacturer in the world.

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    Zhongwang, Aleris Corporation, China, United States
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