Oct. 4, 2014, 9:09 AM
- Paris-based Constellium (NYSE:CSTM) said yesterday it would buy privately-held Wise Metals, located in Alabama, in a deal valued at $1.4B - $455M in cash and the assumption of $945M in debt - as it aims to capture more of the growing U.S. market for automotive aluminum sheet.
- CSTM is looking to compete in the U.S. with Alcoa (NYSE:AA) and India's Hindalco Industries (OTC:HNDNF), which have recently expanded auto sheet production.
- Automakers' use of aluminum is growing as they try to meet new government fuel efficiency standards by making cars lighter; CSTM believes the North American market for aluminum used for car bodies could grow to ~2M tons by 2025 from less than 100K tons in 2012.
Oct. 7, 2010, 7:33 AM
Novelis is said to be in talks to buy out BP's (BP) 60% stake in their U.S. JV for $600M in cash. A deal would let BP shed another non-core asset, while allowing Novelis, a unit of Indian aluminum maker Hindalco Industries (HNDNF.PK), to increase its presence in the fast growing world aluminum market.| Oct. 7, 2010, 7:33 AM