CHICAGO Downstream aluminum company Constellium says it has received a binding offer for two of its extrusion plants in France from private equity firm OpenGate Capital.
The French facilities, located in Ham and Saint-Florentin, specialize in making aluminum extrusions for the French building and construction sector, the Paris-based aluminum producer said in a statement March 6.
Los Angeles-based OpenGate meets all of Constelliums criteria for a purchaser, including financial strength, an understanding of the companys businesses and the ability to develop its facilities, Paul Warton, president of Constelliums extrusion division, said in a statement.
Financial terms of the deal were not immediately available. Constellium said it would respond to the offer after it had consulted with employee representatives and addressed other pre-sale conditions, including regulatory approval.
Constellium said it had announced plans to sell the plants in October.
OpenGate has nearly 6,000 employees in industries as diverse as automotive, wood, paper, media and information technology, Constellium said.
Constellium said has more than 9,000 employees and recorded sales of 3.6 billion ($4.6 billion) in 2012. The company is 51-percent owned by affiliates of Apollo Global Management LLC, with another 39-percent stake held by former parent company Rio Tinto Plc and 10 percent by Frances Fonds Stratégique dInvestissement fund.