BEACHWOOD, Ohio, March 20 /PRNewswire/ -- Aleris International, Inc.
announced today that it will be permanently closing its Bedford, Ohio coil
coating facility. Production will be phased-out, and the site is expected
to be permanently closed by the end of the second quarter of 2008.
The facility employs 40 people and supplies coated aluminum coil for
building and construction, transportation, distribution and consumer
durables applications. The closing of this facility results in
restructuring charges of approximately $4.8 million related to severance,
shutdown costs and asset impairment. Production will be transferred to
other Aleris facilities in the United States, and Aleris will continue to
provide the same high quality products and services that customers expect.
Aleris International, Inc. is a global leader in aluminum rolled
products and extrusions, aluminum recycling and specification alloy
production. Headquartered in Beachwood, Ohio, a suburb of Cleveland, the
Company operates 48 production facilities in North America, Europe, South
America and Asia, and employs approximately 8,800 employees. For more
information about Aleris, please visit our Web site at
http://www.aleris.com .
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
Forward-looking statements made in this news release are made pursuant
to the safe harbor provision of the Private Securities Litigation Reform
Act of 1995. These include statements that contain words such as "believe,"
"expect," "anticipate," "intend," "estimate," "should" and similar
expressions intended to connote future events and circumstances, and
include statements regarding future actual and adjusted earnings and
earnings per share; future improvements in margins, processing volumes and
pricing; overall 2008 operating performance; anticipated higher adjusted
effective tax rates; expected cost savings; success in integrating Aleris's
recent acquisitions, including the acquisition of the downstream aluminum
businesses of Corus Group plc; its future growth; future benefits from
acquisitions and new products; expected benefits from changes in the
industry landscape; and anticipated synergies resulting from the
acquisition of the downstream aluminum businesses of Corus Group plc and
other acquisitions. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, and that actual results could
differ materially from those described in the forward-looking statements.
These risks and uncertainties would include, without limitation, Aleris's
levels of indebtedness and debt service obligations; its ability to
effectively integrate the business and operations of its acquisitions;
further slowdowns in automotive production in the U.S. and Europe; the
financial condition of Aleris's customers and future bankruptcies and
defaults by major customers; the availability at favorable cost of aluminum
scrap and other metal supplies that Aleris processes; the ability of Aleris
to enter into effective metals, natural gas and other commodity
derivatives; continued increases in natural gas and other fuel costs of
Aleris; a weakening in industrial demand resulting from a decline in U.S.
or world economic conditions, including any decline caused by terrorist
activities or other unanticipated events; future utilized capacity of
Aleris's various facilities; a continuation of building and construction
customers and distribution customers reducing their inventory levels and
reducing the volume of Aleris's shipments; restrictions on and future
levels and timing of capital expenditures; retention of Aleris's major
customers; the timing and amounts of collections; currency exchange
fluctuations; future write-downs or impairment charges which may be
required because of the occurrence of some of the uncertainties listed
above; and other risks listed in Aleris's filings with the Securities and
Exchange Commission (the "SEC"), including but not limited to Aleris's
annual report on Form 10-K for the fiscal year ended December 31, 2006 and
quarterly reports on Form 10-Q for the quarters ended on each of March 31,
2007, June 30, 2007, and September 30, 2007, particularly the sections
entitled "Risk Factors" contained therein.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050504/CLW056LOGO )
SOURCE Aleris International, Inc.
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Related links:
http://www.aleris.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20050504/CLW056LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Investors: Sean Stack, +1-216-910-3504;
Media: Bill Sedlacek, +1-216-910-3522, both of Aleris
International, Inc.
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