The transaction includes foil rolling operations in Rugles, France; Dudelange, Luxembourg; and Berlin, Germany.
"These foil operations are well-established businesses with strong customer bases; however, they are not aligned with the Novelis growth strategy and therefore we believe they will have a better future with AIAC," said Novelis CEO Philip Martens.
He said Novelis is focused on growing the higher-volume markets of beverage cans, automobiles and speciality products.
Novelis expects the sale of the foil plants to be concluded this spring. About 850 people work at the foil plants.