Novelis looking to go own way on UBCs
May 24, 2012 | 04:55 PM
| Daniel Fitzgerald
NEW YORK Novelis Inc. has announced plans to pull out of its Evermore Recycling LLC used beverage can (UBC) recycling joint venture with Alcoa Inc., although it is unclear when it will formally quit the venture.
Novelis plans to purchase UBCs on its own once it parts ways with Nashville, Tenn.-based Evermore, in which it holds a 55.8-percent equity stake, the company revealed Thursday in its annual report.
"In December 2011, we provided notice to Alcoa and Evermore Recycling of our intention to withdraw from Evermore Recycling. Upon the termination of our relationship with Evermore Recycling, we will acquire UBCs on our own behalf, through third-party suppliers, to support our North American operations," the company said. ....
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