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Economy

A Chinese Company Buys Beachwood's Aleris Corp. for $2.3 Billion

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Beachwood-based aluminum products maker Aleris Corp. has been purchased by a Chinese company in a $2.3 billion deal. Aleris officials say the purchase gives the company a better opportunity to grow.

The world’s second largest aluminum parts maker,  China Zhongwang Holdings Ltd., will be Aleris’ new owner. The Chinese company calls the purchase part of a commitment to long-term world-wide investments. Aleris, which is also an international company, will continue to operate independently. President and CEO Sean Stack.

“I will maintain the CEO helm of the company. I’ll have a new board of directors to report to, my management team will stay in place and all of our assets in Ohio including our headquarters here in Beachwood will remain in place.”

Aleris has about 200 employees in Beachwood, and another 500 at Ohio production facilities in Uhrichsville and Ashville. The sale must still be approved by federal regulators, but is expected to close in the first quarter of next year.