Novelis Commissions $48 Million Automotive Closed-Loop Recycling Investment in Oswego Plant
OSWEGO, N.Y., Jan. 26, 2015 /PRNewswire/ -- Novelis, the global leader in aluminum rolling and recycling, today announced the completion of a $48 million investment in its automotive scrap aluminum recycling facility in Oswego, N.Y. It expands upon the company's recent growth in Oswego to meet the increased demand for aluminum automotive sheet in North America. Including this recycling center, over the past five years, Novelis has invested more than $400 million in Oswego and hired more than 430 new employees, with around 250 additional jobs planned by the year 2020.
The recycling investment includes a new 81,000 square-foot building capable of processing, sorting and storing automotive scrap aluminum. Additional investments were made in infrastructure improvements such as road and parking upgrades to handle increased truck traffic.
"As the leader in automotive closed-loop recycling, one of our top priorities is to create a sustainable supply line between Novelis and automakers, which will preserve the aluminum's value, reduce greenhouse gases and increase economic efficiencies for our customers," said Marco Palmieri, Senior Vice President, Novelis and President, Novelis North America. "This investment will help us meet new demands of automakers as they turn towards lightweight aluminum to create more fuel-efficient vehicles."
The new recycling facility features best-in-class scrap recovery and conversion technology. Designed specifically to meet the needs of North American automakers, the recycling center will enable Novelis to process as much as 10,000 metric tons (20 million lbs) of recycled scrap per month.
The investment by Novelis, whose products are featured in over 180 vehicle models on the road today, signifies an important step toward advancing aluminum's role as a material of choice among the world's automakers. Since 2011, Novelis has invested more than $550 million to raise its global automotive sheet capacity to 900,000 metric tons by the end of this year. Novelis predicts that sales of automotive aluminum, which currently represents about 9 percent of its total shipments, may climb to as much as 25 percent of shipments by 2020. To support the growing demand for automotive aluminum, Novelis will allocate approximately 80 percent of the Oswego facility's capacity to the automotive market.
About Novelis
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. The company operates in 11 countries, has approximately 10,900 employees and reported revenue of approximately $10 billion for its 2014 fiscal year. Novelis supplies premium aluminum sheet and foil products to transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. The company is part of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit novelis.com and follow us at facebook.com/NovelisInc and twitter.com/Novelis.
Forward Looking Statements
Statements made in this news release which describe Novelis' intentions, expectations or predictions may be forward-looking statements within the meaning of securities laws. Examples of forward-looking statements in this news release include our expectation that the recycling center will process as much as 10,000 metric tons of recycled scrap per month. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Important risk factors which could impact outcomes are included under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended March 31, 2014.
SOURCE Novelis Inc.
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