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News

Alcan names spin-off company

Alcan Inc : 22 September, 2004  (Company News)
Alcan Inc announced today that the publicly-traded company to be created in the spin-off of its aluminium rolled products business will be called Novelis.

Alcan Inc announced today that the publicly-traded company to be created in the spin-off of its aluminium rolled products business will be called Novelis.

CEO-designate Brian Sturgell said the name Novelis is grounded in three concepts: ‘novel’, ‘velocity’, and ‘precision’. 'First and foremost, our name will represent our new approach to the business, the opportunity for change, and our emphasis on speed-to-market and precise performance,' stated Sturgell. 'We will have a keener focus on delivering better solutions, with speed and agility to add increased value to our rolled products customers.'

Pending governmental and shareholder approvals later this year, Novelis will begin operations as an independent company on 1 January 2005. Novelis will be the world's largest aluminium rolled products company - based on revenue and production volume - with pro forma 2003 revenues of US$6.2 billion. Shares of Novelis will be listed on the New York and Toronto stock exchanges.

Novelis will be domiciled in Canada, with its executive office in the USA. The company will operate on four continents with 38 operating facilities in 12 countries and over 13 000 employees. Novelis will have the unique and unparalleled capability to provide its customers with a regional supply of high-end flat rolled aluminium products throughout Asia, Europe, North America, and South America. The company will supply aluminium sheet products to the automotive and transportation, beverage and food cans, construction and industrial products, foil and lithographic product industries. In addition, Novelis will be the world's largest recycler of aluminium beverage cans.

'Novelis will be the only globally positioned aluminium rolled products company focused solely on transforming ideas into added-value solutions for our customers,' Sturgell said. 'Our people, precision and performance will shape the future for Novelis.'
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