Aluminum major Aleris International Inc said that it has agreed to acquire the downstream aluminum business of Corus Group plc, after signing a letter of intent in March to buy the operation. Aleris will pay 700 million euros cash ($899.7 million) for the business and assume about 28 million euros ($36 million) in debt and certain other liabilities. The transaction is scheduled to close in the third quarter, subject to regulatory approvals.

The purchase includes Corus' aluminum rolling and extrusion businesses but excludes Corus's primary aluminum smelters.

Following completion of the proposed transaction, Aleris, which makes rolled aluminum products and specification alloys, will have about 8,800 employees and operate 51 manufacturing plants in North America, South America, Europe and Asia.