Constellium IPO to fund global growth
May 23, 2013 | 01:58 PM
| Michael Cowden
CHICAGO Constellium N.V. aims to expand its aerospace capacity, make inroads in the U.S. automotive aluminum sector and play a role in the growing Chinese canstock market as it looks to expand its global footprint, chief executive officer Pierre Vareille told AMM.
The Paris-based downstream aluminum products maker, which began trading on the New York Stock Exchange May 23, will use the money raised from its initial public offering (IPO) to fund organic growth in 2013 and 2014 and new projects in 2015 and 2016, Vareille said in an interview.
The IPO, which also will take place on NYSE Euronext Paris beginning next week, is set to close on or about May 29 and, according to Vareille, is expected to net an estimated $383 million.
While money raised from the IPO has obvious benefits when it comes to funding projects, perhaps the chief advantage of going public is increased visibility for Constellium, Vareille said. "We are a European-based company, but we want to be known globally. And we think there are huge opportunities in the U.S. and also in China."....
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