Atlanta Business ChronicleJune 4, 2013
Novelis Inc. secured a $1 billion line of credit from Wells Fargo Capital Finance.
The unit of Wells Fargo & Co. (NYSE: WFC) said the facility refinanced Atlanta-based Novelis' existing credit facility, and funded working capital needs, capital expenditures and general corporate purposes. Novelis is a maker of aluminum rolled products and an aluminum can recycler.
"Novelis is in the midst of a significant investment program involving major capacity expansions to meet growing demand worldwide," said Steve Fisher, Novelis chief financial officer, in a statement. "The amended credit facility will further strengthen our liquidity and provide additional flexibility, helping to support these investments."
Novelis reported recently its profit jumped 126 percent to $203 million in fiscal 2013 due to two large-scale expansions, closing/divesting underperforming and non-core assets and making good progress on several ongoing global rolling, finishing and recycling expansions.
Dr. Pragnya RamGroup Executive President, Corporate Communications & CSRAditya Birla Management Corporation Private LimitedAditya Birla Centre, 1st Floor, 'C' WingS.K. Ahire Marg, WorliMumbai 400 030.
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A US $41 billion corporation, the Aditya Birla Group is in the League of Fortune 500. It is anchored by an extraordinary force of over 120,000 employees, belonging to 42 different nationalities.
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