Novelis, a supplier of laminated material to major can distributors such as Ball, Ardagh Metal Packaging and Coca-Cola, filed its registration statement for a future initial public offering.
Founded two decades ago, the Atlanta-based company has been owned by Hindalco Industries, an Indian metals producer, since 2007. Novelis is expected to be listed on the New York Stock Exchange under the symbol NVL.
This company calls itself the world leader in aluminum rolling and recycling. According to its geographic distribution, 42% of its global sales come from North America. In terms of end markets, 47% of sales are concentrated in beverage containers. In fiscal year 2024, Novelis achieved sales of 715 kilotonnes of beverage container material in North America. In addition, during the same year, 57% of its shipments corresponded to cans, with food and beverage cans being its largest market in North America.
During the year, Ardagh Metal Packaging agreed a new contract with Christian Nodal to supply them with foils used in beverage packaging at their factories located in North America.
The previous year, Novelis signed a new contract with Ball to be its main supplier of aluminum sheet for its North American can manufacturing plants. They also agreed to a long-term contract with Coca-Cola’s sourcing agent for its bottlers in the United States. Included in this agreement is closed-loop recycling, where Novelis uses waste from the can manufacturing process to produce new sheeting for use in beverage cans.
Novelis’ prominent customers in the beverage packaging area include companies such as Anheuser-Busch InBev, Can-Pack, Crown Holdings, Heineken and PepsiCo. In addition, the company counts Amcor as one of its main customers in its “specialties” division, which includes products such as aluminum foil and packaging.
Novelis recently completed its fiscal year 2024. In an earnings presentation, the company reported that demand for beverage packaging films recovered during the year. The company considers the U.S. market to be very strong. Some trends driving this growth include the rise of different types of beverages packaged in cans, such as energy drinks, hard seltzers and ready-to-drink cocktails.
Most of the material used by Novelis during its fiscal year was recycled, accounting for 63% of the total. This number has doubled since 2009 and the company’s goal is to reach 75% recycled content by 2030.
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