Zhongwang guarantees independent operation of aluminum maker Aleris

Zhongwang USA LLC announced on Tuesday that US aluminum company Aleris Corporation would "operate as an independent entity" after acquisition including with regard to its location, management team and development strategy.

Zhongwang USA LLC, an investment company majority-owned and led by Liu Zhongtian, founder of China Zhongwang Holding Ltd, said on Monday it would buy Aleris. The $2.33 billion deal marks the biggest entry by a Chinese company into the US aluminum industry.

According to Zhongwang, Aleris will continue to be headquartered in Cleveland, Ohio, and will be operated as an independent entity. The Aleris management team will remain in place, providing continuity for Aleris employees and customers and supporting the continued implementation of the Aleris strategy.