UPDATE: Alcoa Takes Full Ownership of Evermore Recycling, The World Leader in Beverage Can Recycling
Alcoa (NYSE: AA) today announced it has reached an agreement with Novelis whereby Alcoa will assume full control of the Evermore Recycling joint venture, the undisputed leader in used beverage can (UBC) recycling, effective August 31, 2012. The two companies previously were partners in the joint venture which purchases more recycled cans than any other group, anywhere in the world.
As a result of the new agreement, Alcoa will take over full ownership and operation of Evermore Recycling and make it part of Alcoa's Global Packaging group. Alcoa's Evermore Recycling will continue to be based in Nashville, TN. Employees of the joint venture are being given opportunities to join the respective companies.
“Alcoa's Evermore Recycling is known throughout the world for its strong and committed relationships across the recycling supply chain and for its ability of making it easy to work together effectively,” said Andrey Donets, President of Alcoa Global Packaging. “When the opportunity first presented itself, we immediately said we wanted Evermore. We are confident the strong relationships we have in the scrap market will grow even stronger as we take over full control of the company.
“We've been a leader and pioneer in recycling since the aluminum can was invented and we see great opportunities in this new chapter to deepen our rich heritage in recycling,” added Donets.
The aluminum can is the most sustainable package in the world and is easily the most recycled container across the globe. Aluminum cans are recycled into new cans in less than 60 days and require 95 percent less energy than cans using primary metal – a cycle can be repeated infinitely. Approximately 75 percent of all the aluminum ever produced since 1888 is still in use today.
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