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Goldman Sachs sells its aluminum business
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Goldman Sachs Group Inc. ended its four-year ownership of its metal-warehousing unit, Metro International Trade Services, unloading it to an investment firm run by Reuben Brothers.
Terms of the sale to Reuben Brothers, an investment firm based in Switzerland and founded by brothers David and Simon Reuben, weren't disclosed.
Goldman, which bought Metro for about $450 million in 2010, declined further comment on the transaction.
For Goldman, the deal marks the exit from a business that was increasingly fraught.
It isn't immediately clear what Reuben Brothers plans to do with the business. "The firm will likely be able to retain Metro's warehouse customers, keeping metal from hitting the markets and driving prices lower," said Edward Meir, a strategist at INTL FCStone.
Source: Foundry Planet
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