Atlanta-based aluminum manufacturer Novelis Inc. has sold three of its European aluminum foil and packaging plants in a move to expand growth in premium products, the company announced July 2.

The move marks an important development in Novelis’ larger business strategy away from foil products and towards premium products, including beverage cans, automobiles and specialty goods in the electronics market, company spokesperson Charles Belbin told GlobalAtlanta. 

While profitable, Mr. Belbin said, the BerlinLuxembourg and Rugles, France plants involved in the deal with Eurofoil, a newly established subsidiary of the American Industrial Acquisition Corp. (AIAC), no longer fit Novelis’ business model.

The deal adds to AIAC’s growing network of more than 35 manufacturing facilities globally, which make products for a variety of industries. The company has grown considerably in recent years, making a name for itself by buying distressed manufacturing operations and turning them around for a profit. 

The terms of the deal were not disclosed.

Although Novelis does not anticipate selling its other European facilities any time soon, Mr. Belbin said the company will continue to evaluate its foreign investments and invest accordingly.

“Although these plants no longer fit within the Novelis business strategy, they are good operations and I am pleased to see them move forward as part of AIAC,” said Tadeu Nardocci, senior vice president of Novelis and president of Novelis Europe, in a statement.

A subsidiary of Mumbai, India-based Hindalco Industries Ltd., Novelis is the world’s largest producer of rolled aluminum with 17 percent of global market share, according to Novelis.