Alcoa has reached an agreement with Novelis whereby Alcoa will assume full control of the Evermore Recycling joint venture, effective August 31, 2012. The joint venture purchases more recycled cans than any other group in the world.
Alcoa will take over full ownership and operation of Evermore Recycling and make it part of Alcoa's Global Packaging group. Alcoa's Evermore Recycling will continue to be based in Nashville, TN. Employees are being given opportunities to join the respective companies.
Aluminum recycling has been a success story. Aluminum cans are recycled into new cans in less than 60 days and require 95 percent less energy than cans using primary metal - a cycle can be repeated infinitely. Approximately 75 percent of all the aluminum ever produced since 1888 is still in use today.