Aleris to use revolver borrowings for purchase of some Ormet assets

By Sara Rosenberg

New York, Nov. 7 - Aleris International Inc. plans to use borrowings under its existing revolving credit facility to fund the acquisition of some assets from Ormet for $133 million, according to a company news release.

Under the acquisition agreement, the company is buying selected assets within the Hannibal Rolling Mill, as well as the operating facilities associated with the Bens Run recycling facility located in Friendly, W.Va., and Specialty Blanks Inc. located in Terre Haute, Ind.

The transaction is expected to close at the end of the fourth quarter.

Aleris is a Beachwood, Ohio-based company engaged in the recycling of aluminum and zinc.

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