Aluminum-rolled products producer Aleris Corp. agreed to be acquired by a company associated with China Zhongwang, a Chinese manufacturer of industrial aluminum extrusion products, for $1.11 billion.

Aleris will continue to be based in Cleveland and will be operated as an independent entity. Its management team will remain in place.

Aleris is being bought by Zhongwang USA LLC, an investment company owned by Zhongwang International Group Ltd., parent company of China Zhongwang. China Zhongwang is the world's second largest industrial aluminum extrusion developer and manufacturer. It went public on the Hong Kong stock exchange in 2009.

Privately-held Aleris makes aluminum-rolled products for the aerospace, automotive, construction, commercial transportation and industrial manufacturing industries. It operates production facilities in North America, Europe and Asia and will continue its major expansion project in Lewisport, Ky., to make aluminum auto body sheets to serve the automobile industry.

Since 2010, Aleris has been owned by a group led by Oaktree Capital Management, with Apollo Management and Sankaty Advisors owning minority interests.

The deal is expected to close in the first quarter of 2017 and is subject to customary closing conditions.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

August 29, 2016 09:25 ET (13:25 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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