MUSCLE SHOALS, AL (WAFF) - Wise Metals, the world's third largest producer of aluminum can stock for the beverage industry announced it has been purchased by Dutch aluminum rolled products maker Constellium for $1.4 billion.
Constellium plans to invest up to $750 million by 2022 to increase Wise's current hot mill capacity to 1.5 billion pounds from 1 billion pounds and build more than 400 million pounds of dedicated car body sheet finishing capacity to serve the rapidly growing automotive market.
Wise's Muscle Shoals plant, which has the widest hot strip mill in North America. Wise employs 1,250 workers.
The transaction is expected to close around the end of the year, subject to regulatory approvals.
Wise is based in Muscle Shoals and is the world's third largest producer of aluminum can stock for the beverage industry, as well as other commercial products.
Constellium is a global sector leader that develops innovative, value added aluminum products for a broad scope of markets and applications, including aerospace, automotive and packaging.