Novelis, a subsidiary of Hindalco Industries Ltd, will sell two Chinese units to Shenzhen Hongzhi Industrial Investment for $265 million in cash. The divestment by the United States-based aluminum producer comes as parent Hindalco reorganizes its global footprint following profit headwinds. The transaction includes an additional $10 million earn-out tied to performance conditions.
Novelis to Sell China Units for $265M
Hindalcos US subsidiary Novelis has agreed to sell two wholly owned Chinese units for $265 million. The definitive agreement includes a potential ten million dollar earn-out. The transaction is expected to close within twelve months.
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