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Corus Enters Negotiations for Sale of European Smelters
08/22/2008 - Corus has entered into exclusive negotiations with Klesch & Co. Limited for the sale of its aluminum smelters in the Netherlands and Germany.
Corus announced that it has entered into exclusive negotiations with a new prospective buyer for the sale of its aluminum smelters in the Netherlands and Germany.
Corus has started discussions with Klesch & Co. Limited, which has been granted a period of exclusivity in order to carry out due diligence. Corus noted that any eventual Sales and Purchase Agreement that is reached following internal consultation and advice may also be subject to certain external regulatory clearances.
Corus had previously (December 2007) signed a non-binding Letter of Intent (LoI) with AIAC for the acquisition of Corus’s aluminum smelters by an AIAC affiliate. However, the companies decided, following further discussions, not to proceed with the sale. Corus has informed the Works Council and Trade Unions about this decision.
Corus has been looking at opportunities to secure a future for its aluminum smelters since it sold its downstream aluminum extrusions and rolling business to Aleris in August 2006. Based in Delfzijl in the Netherlands and Voerde in Germany, the two smelters produce more than 200,000 tonnes of primary metal per year.
