Private equity firm to acquire Aleris.Texas Pacific Group (TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général ) has announced plans to acquire Aleris International in a deal worth an estimated $3.3 billion. TPG, a private investment group with offices in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif., will pay $52.50 per share to acquire Aleris, based in the Cleveland, Ohio area. Additionally, TPG will assume around $1.6 billion in Aleris's debt. Aleris's board of directors approved the merger agreement. Steven Demetriou, Aleris chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , says, "After careful analysis, our board of directors has unanimously endorsed this transaction as being in the best interests of our stockholders." Pending approval by stockholders, as well as all regulatory agencies, the deal is expected to be complete by early next year. Aleris has grown significantly since the merger between Imco Recycling and Commonwealth Aluminum. Throughout the past year, the company has made five other acquisitions, including the Alumitech, ALSCO Metals, selected assets from Ormet Corp. and the downstream aluminum business of Corus Group. In addition to manufacturing aluminum rolled products and extrusions, recycling aluminum and producing specification alloy, Aleris also recycles zinc and a manufactures zinc metal and value-added zinc products, including zinc oxide zinc oxide, chemical compound, ZnO, that is nearly insoluble in water but soluble in acids or alkalies. It occurs as white hexagonal crystals or a white powder commonly known as zinc white. and zinc dust. |
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