It was reported that Novelis Inc., a Georgia-based industrial aluminum company, announced on April 14th that it has completed the acquisition of Aleris Corporation, an Ohio-based aluminum rolled products manufacturer.

The acquisition price was US$2.8 billion, including an equity value of US$775 million, with approximately US$2 billion assumptions or extinguishment of Aleris’ current outstanding debt and US$50 million earn-out payment.

Novelis will acquire Aleris’ 13 plants in North America, Europe and Asia. However, in order to meet the requirements of relevant regulations, Novelis had to drop Aleris’ aluminum facilities in Lewisport, Kentucky and Duffel, Belgium.