Aleris Corporation, a global manufacturer of aluminum products and specification alloys, withdrew its plans for an initial public offering on Thursday.
The company originally set terms in March 2012 to raise $500 million at a $1.9 billion market cap, but postponed its offering. At the time of its last filing in 2012, primary shareholders included Oaktree Capital (43% stake) and Apollo (14%).
The Beachwood, OH-based company was founded in 2004 and booked $4.8 billion in sales for the 12 months ended December 31, 2011. It had planned to list on the NYSE under the symbol ARS. J.P. Morgan, Barclays, Deutsche Bank, BofA Merrill Lynch and Goldman Sachs were set to be the joint bookrunners on the deal.
