Novelis was created when global aluminium business Alcan acquired French aluminium rolled products company Pechiney. Because of EU competition laws, the acquisition meant Alcan would have to sell other rolled products operations as a result of the acquisition (see letsrecycle.com story).
”We have the world's leading technology, facilities and people in this very demanding industry. “
– Brian W Sturgell, Novelis CEO
Novelis is now a completely independent company, separate from Alcan, although Alcan shareholders hold the shares in the new company. Shares will begin trading in Toronto today under the symbol NVL, and are to be traded on the New York Stock Exchange on January 19.
Brian W. Sturgell, Novelis' president and chief executive officer, said: “Novelis comes from a proud heritage. We have the world's leading technology, facilities and people in this very demanding industry and are well-positioned to deliver superior solutions to our customers and value to our shareholders.”
Warrington
As part of the restructuring Novelis acquired the aluminium can recycling plant in Warrington. The Warrington plant recycles used aluminium drink cans into new ingot which is in turn rolled back into sheet at the company's rolling mills.
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Novelise Recycling UK national manager, Rick Hindley, said: “We are very proud to be part of Novelis. Our team in Novelis Recycling is producing world-class recycled aluminium sheet ingot for our customers. We look forward to achieving even greater success as part of this new global company.”
The company said its new name was chosen as a mixture of the words “novel”, “velocity” and “precise”.
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