Aluminum products maker Novelis Inc is selling three foil-manufacturing plants in Europe to focus on premium product markets such as beverage cans and automobiles, it said on Monday.
The company, which is the US unit of India's Hindalco Industries Ltd, said the buyer was American Industrial Acquisition Corp.
According to its website, AIAC is a group of 35 manufacturing facilities with revenue of more than $1 billion a year. It has specialized in buying and turning around distressed manufacturing units of major companies.
Novelis gave no details of the value of the transaction, which it expects to close in the next few months.
"These foil operations are well-established businesses with strong customer bases; however, they are not aligned with the Novelis growth strategy, and therefore we believe they will have a better future with AIAC," Novelis Chief Executive Officer Philip Martens said in a statement.
The plants, in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany, employ about 850 people.