Chinese-owned Zhongwang USA to buy aluminum products maker Aleris

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Zhongwang International is also the parent of China Zhongwang Holdings Ltd (1333.HK), the world's second-largest producer of aluminum extrusions.

Zhongwang USA, which is majority-owned by Liu Zhongtian, the founder of China Zhongwang, will pay $1.11 billion in cash and take on Aleris's $1.22 billion in net debt, Aleris said in a statement.

Aleris supplies fabricated products to the aerospace, construction, automotive and defense industries. It has plants in the United States, Europe and Asia.

The company has been owned by Oaktree Capital Management LP since it emerged from bankruptcy in 2010.

The deal is expected to close in the first quarter of 2017.

Credit Suisse was financial adviser to Aleris, while Moelis & Co advised Aleris on certain aspects of the deal.

(Reporting by Ankit Ajmera in Bengaluru and Josephine Mason in Beijing; Editing by Saumyadeb Chakrabarty)