21 August 2008
Corporate News

Corus announces new initiative for disposal of aluminium smelters

Corus has entered into exclusive negotiations with a new prospective buyer of its aluminium smelters in the Netherlands and Germany.

In December 2007 Corus and AIAC announced the signing of a non-binding Letter of Intent (LoI) for the acquisition of Corus’s aluminium smelters by an AIAC affiliate.  Following further discussions with AIAC, a decision has been taken not to proceed any further.  Corus has informed the Works Council and Trade Unions about this decision.

Corus has started discussions with Klesch & Company Limited, which has been granted a period of exclusivity for due diligence to be carried out.  Any eventual Sales and Purchase Agreement that is reached following internal consultation and advice may also be subject to certain external regulatory clearances.

Following the sale of Corus’s downstream aluminium extrusions and rolling business to Aleris in August 2006, Corus has been looking at opportunities to secure a future for its aluminium smelters outside the Group.  The two smelters are based in Delfzijl in the Netherlands and Voerde in Germany and produce more than 200,000 tonnes of primary metal per annum.