According to media reports, Novelis, the US unit of India'sHindalco Industries, decided to sellthree foil-manufacturing facilities in Europe to American Industrial Acquisition Corp (AIAC). 
 
 Novelis gave no details of the value of the transaction, which it expects to close in the next few months. With the sale, the company would focus on premium product markets such as beverage cans and automobiles.
 
 AIAC is a group of 35 manufacturing facilities with revenue of more than $1 billion a year. It has specialised in buying and turning around distressed manufacturing units of major companies.
 
 Philip Martens, Chief Executive Officer, Novelis remarked that these foil operations were well-established businesses with strong customer bases. But, they are not aligned with the Novelis growth strategy, and therefore Novelis believes they will have a better future with AIAC, Martens added.
 
 The plants, in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany, employ about 850 people.