Reuters – Apollo Global Management (APO.N)-backed company Constellium, which makes aluminum products for the aerospace and transportation industry, is starting to interview banks for an initial public offering, according to two sources familiar with the situation.
The company, based in Paris, is 51 percent owned by Apollo, 39 percent owned by metals and mining giant Rio Tinto Plc (RIO.L) and 10 percent owned by the French investment fund FSI.
Constellium and Rio Tinto could not be reached for comment. Apollo Global Management declined to comment.
The company was created after Rio Tinto acquired Canadian aluminum producer Alcan Inc for $38 billion. It divested part of Alcan’s engineered products division in 2011 and the unit was later renamed Constellium.
The company generates over 3.6 billion euros ($4.69 billion) in revenue annually and has over 9,000 employees, according to its website. Its customers include Audi AG (NSUG.DE), BMW (BMWG.DE), Boeing Co (BA.N), Bombardier Inc (BBDb.TO), Fiat SpA (FIA.MI) and Lockheed Martin Corp (LMT.N).
(Reporting By Olivia Oran and Greg Roumeliotis in New York; Editing by Tim Dobbyn)
Image Credit: Shutterstock.com