Dive Summary:
- Aluminum products company, Novelis, announced that it has ended a joint venture with Alcoa to recycle aluminum beverage cans.
- Per terms of the deal, Alcoa will assume ownership of the Evermore Recycling venture
- Novelis announced that it would start its own recycling business in support of a company goal to use 80% recycled material in its products. Novelis currently buys the equivalent of 40 billion recycled cans each year with a value of over $1 billion
From the article:
Aluminum products maker Novelis said on Monday it has pulled out of a joint venture with Alcoa Inc to recycle beverage cans and will set up its own recycling business.
Alcoa said it would assume full control of the Evermore joint venture effective Aug. 31.
