ATLANTA, March 1, 2011 /PRNewswire/ -- Novelis today announced that it has sold its printed confectionery foil packaging business at Bridgnorth, UK, to Discovery Foils effective immediately. Approximately 105 employees will transfer to Discovery Foils along with the assets of the business. Novelis will provide aluminum foil to the operation under a supply agreement.
The business produces multi-coloured printed foil used as packaging for confectionery products. The operation is associated with the Bridgnorth aluminum foil rolling and laminating activities that Novelis previously announced would cease operations by the end of April 2011.
"We are very pleased we have found a sustainable solution for the confectionery foil operation and its employees," said Pierre Labat, General Manager of Novelis Europe's Packaging and Converted Products business. "Whereas multi-colour printing is not a core activity for Novelis, it is a good strategic fit for the owners of Discovery Foils who have other interests in the printing and packaging business. I wish to thank our employees for their cooperation during this sale process."
Novelis is closing its Bridgnorth foil rolling and laminating operations and will consolidate most of the business into its other European operations. The move will improve the competitiveness of the company's European foil and packaging production systems in response to overcapacity and increased competition from manufacturers in low-cost countries. The decision will impact approximately 200 employees.
Novelis Inc. is the global leader in aluminum rolled products and beverage can recycling. The company operates in 11 countries, has approximately 11,600 employees and reported revenue of $8.7 billion in fiscal year 2010. Novelis supplies premium aluminum sheet and foil products throughout North America, Europe, Asia and South America. Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit www.novelis.com.
SOURCE Novelis Inc.