Aleris has decided to buy. The company, “an aluminum recycler and producer of rolled and extruded aluminum products, said it has signed a definitive agreement to acquire Nichols Aluminum LLC, a subsidiary of Quanex Building Products Corp., in a $110 million all-cash transaction,” reports Crain’s Cleveland Business.
“Aleris said Nichols is a producer of aluminum sheet for the transportation, construction, machinery, consumer durables and electrical markets in North America. The acquisition includes two production plants in Davenport, Iowa, a plant in Decatur, Ala., and a plant in Lincolnshire, Ill.”
“’Nichols has a long history of producing flat-rolled aluminum sheet products for customers in a number of key industries across North America and we look forward to continuing that longstanding tradition,’ Steve Demetriou, Aleris chairman and CEO, said in a news release. ‘This acquisition is consistent with our strategy to expand our footprint and enhance our capabilities to ensure we are well-positioned to respond to projected growth in our key end uses as the economy begins to recover.'”
In metal price news for aluminum…
On Thursday, February 13, the 3-month price of aluminum experienced the biggest change, rising 0.9 percent on the LME to $1,729 per metric ton. On the LME, the primary aluminum cash price rose 0.9 percent to $1,685 per metric ton. After a 0.6 percent increase, the cash price of primary Indian aluminum finished the day.
Chinese aluminum prices were flat for the day. The Chinese aluminum cash price held steady yesterday. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet held steady. The price of Chinese aluminum bar saw little movement.