Dive Brief:
- Aleris Corp., headquartered in Beachwood, Ohio, is selling its recycling and custom alloy manufacturing unit.
- The aluminum fabricator anticipates the sale could bring over $400 million to the privately-held company, which specializes in producing and recycling aluminum.
- According to a regulatory filing, the operations for sale reported earnings before EBITDA of $68.3 million last year.
Dive Insight:
According to the Wall Street Journal, in 2006, private equity firm TPG bought Aleris for $1.7; the company filed for bankruptcy a year later. In 2011, Aleris filed for an IPO, but pulled back due to market conditions. It remains privately-held at this time.