Aleris To Buy Nichols Aluminum From Quanex Building Products For $110 Mln

(RTTNews) - Aleris announced that it has signed a definitive agreement to acquire Nichols Aluminum, LLC, a wholly owned subsidiary of Quanex Building Products Corp.(NX), and a producer of aluminum sheet for the transportation, building and construction, machinery and equipment, consumer durables, and electrical industries in North America. The company has agreed to pay $110 Million in an all-cash transaction.

The acquisition includes two production facilities in Davenport, Iowa, a facility in Decatur, Alabama, and a facility in Lincolnshire, Illinois.

Upon the close of the transaction, Nichols will become part of Aleris' Rolled Products North America business, adding more than 500 Nichols employees to the Aleris team.

The transaction is expected to close following receipt of customary regulatory approvals.