Corus selling primary aluminum assets

Dec 04, 2007 | 03:11 PM | Josephine Mason

Anglo-Dutch steelmaker Corus Group Ltd. has signed a non-binding letter of intent to sell its remaining primary aluminum business to American Industrial Acquisition Corp. (AIAC), Greenwich, Conn., a closely held private equity investment firm.

The sale, which includes two smelters in the Netherlands and Germany, would bring an end to a long-running effort by Corus to offload the plants.

The deal is subject to internal consultation involving the local workers council as well as external regulatory approval, a company spokeswoman said. "It is intended that a sale and purchase agreement would only be entered into once these processes are completed." Corus expects to complete the sale by the end of March.....

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