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
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