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The Aditya Birla Group flagship company has further cemented its position as the world's largest producer of value-added aluminium products with the completion of the USD 2.8 billion acquisition of Aleris by its wholly-owned US subsidiary Novelis Inc.
The acquisition of the US-based rolled products major Aleris Corporation positions Hindalco as one of the world's largest aluminium companies, with a global footprint spanning 49 manufacturing facilities in North America, Europe and Asia, the group said in a statement.
The deal, closed at an enterprise value of USD 2.8 billion, offers Hindalco potential synergy benefits of USD 150 million on a recurring basis and also marks Novelis' entry into the high-end aerospace segment.
It also offers Hindalco a large foothold into the Chinese fully-integrated metal value-chain as Aleris runs a facility in Zhenjiang.
Satish Pai, the managing director of Hindalco, said beyond the many strategic benefits, the deal will generate around USD 150 million in synergies and creates a strong financial profile.
