Aluminum rolling and recycling firm Novelis has entered a deal to divest its North American consumer foil products business to Reynolds Consumer Products for $35m.
The sale includes foil manufacturing plants in Toronto, and Vancouver, along with sales offices and distribution facilities in Montreal, Mississauga, and LaGrange.
Novelis North America senior vice president and president Marco Palmieri said the consumer foil products business is not aligned with the company's growth strategy.
"Our primary focus is to continue our growth in the premium markets of automotive, beverage cans and specialty products, and to expand our recycling leadership," Palmieri said.
Novelis has invested $1.7bn in global expansions over the past three years to serve these markets.
The sale of consumer foil products business, which includes approximately 200 employees, is subject to regulatory and other customary approvals.
