Report: Owner explores sale of Youngstown based Exal can manufacturer
YOUNGSTOWN, Ohio - The owner of a Youngstown based aluminum can manufacturer is reportedly looking into the sale of the company.
Bloomberg News cites people familiar the matter in its report that the Ontario Teachers' Pension Plan has hired advisers to explore a sale of the Exal Corporation.
In 2010 an investor group led by the Ontario Teachers' Pension Plan acquired Exal Group, headquartered in Youngstown and the largest specialty manufacturer of aluminum containers in the world.
According to Bloomberg's sources who did not want to be identified, Ontario Teachers' wants $1 billion.
The report says no final decision has been made and Ontario Teachers may choose to keep the company.
The Ontario Teachers' Pension Plan says it is Canada's largest single-profession pension plan, paying defined benefit pensions and invest plan assets on behalf of about 323,000 retired and working teachers.
Bloomberg reports that a representative for Ontario Teachers' declined to comment and an Exal representative did not immediately respond to requests for comment.
Exal's U.S. Headquarters are located at One Performance Place in Youngstown.
