Mitsubishi Materials has agreed to sell its subsidiaries Universal Can Corporation (UNICAN) and Mitsubishi Aluminum to Showa Aluminum Can, which is owned by funds managed by affiliates of US-based Apollo Global Management.

The Japanese company also announced its decision to separate the aluminum rolling and processing business from Mitsubishi Aluminum into Showa Aluminum Can via an absorption-type company split and related transactions and to reorganize such business subsequently into a newly created firm.

The financial terms of the deal were not revealed.

Universal Can Corporation, which is based in Tokyo, Japan, is engaged in the manufacturing and sale of aluminum beverage cans bodies and aluminum beverage can lids. Mitsubishi Materials has an 80% stake in Universal Can Corporation, while the remaining 20% is held by Hokkan Holdings Limited.

Mitsubishi Aluminum, which is also based in Tokyo, produces and sells aluminum and aluminum alloy products that include sheets, foils, and extrusions, and their fabricated products. Mitsubishi Materials is the 100% owner of Mitsubishi Aluminum.

Based in Tokyo, the buyer — Showa Aluminum is engaged in can manufacturing and the sale of aluminum beverage cans.

  Aluminum, Apollo Global Management, Hokkan Holdings Limited, Japan, Mitsubishi Materials, Showa Aluminum Can, Tokyo, UNICAN