CLEVELAND (AP) - Aleris is buying Nichols Aluminum LLC for $110 million in cash.
CLEVELAND (AP) — Aleris is buying Nichols Aluminum LLC for $110 million in cash.
Nichols Aluminum produces aluminum sheet for the North American transportation, building and construction, machinery and equipment, consumer durables, and electrical industries. It is a subsidiary of Quanex Building Products Corp.
Aleris, based in Cleveland, focuses on aluminum rolled products and extrusions, aluminum recycling and specification alloy production.
Privately held Aleris said Monday that the transaction includes two production plants in Davenport, Iowa, a facility in Decatur, Ala., and a plant in Lincolnshire, Ill.
Aleris currently runs about 40 production plants in North America, Europe and Asia.
Nichols Aluminum will become part of Aleris' Rolled Products North America business once the deal is complete.
The acquisition is targeted to close after receipt of customary regulatory approvals.
Shares of Houston-based Quanex rose $1.64, or 9 percent, to $19.92 in morning trading. Its shares are about even with a year ago.