Constellium NV said Feb. 1 that it signed a binding agreement to sell the north building assets of its Sierre plant in Switzerland to Novelis for €200 million.
The assets have been leased and operated by Novelis since 2005, and the companies agreed to contribute to the plant's shared infrastructure based on a 50/50 joint venture. Constellium will continue to own and operate its cast houses, plate and extrusion manufacturing plants and other assets at Sierre.
As part of the deal, the companies also entered into long-term production and metal supply agreements and suspended arbitration proceedings over the Sierre facility until the transaction's closing, which will be in the second quarter.
