Novelis Inc. is considering plans to sell its Foil and Technical Products division in Europe as part of a comprehensive restructuring program aimed at cutting costs. The struggling Atlanta-based aluminum rolled products company, will close its technology center in Neuhausen, Switzerland, and overhaul its central management and administration activities in Europe in an attempt to save up to $10 million per year. As many as 2,100 jobs could be at risk. The Foil and Technical Products division comprises three plants in Germany and one each in France, Luxembourg and Britain.
The company has been going through a restructuring process since last year in a bid to cut costs and generate profits. It sold an industrial site in Falkirk, Scotland, to Scottish Enterprise Forth Valley for $7.6 million in October 2005 and closed its rolled products plant in Flemalle, Belgium, and two packaging operations in Cruseilles, France, and Garbagnate, Italy, shortly afterwards. This year, it sold its rolling mill in Annecy, France, closed its Borgofranco secondary aluminum smelter in northern Italy and restructured foil operations in Germany.
American Metal Market September 1, 2006
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