US-based Alcoa Inc has reached an agreement with Novelis to assume full control of their recycling joint venture Evermore Recycling effective 31 August 2012.

The two companies have decided to part ways from the joint venture and Aloca will now take over the ownership and operations besides absorbing it into its global packaging group.

Commenting on the developments Alcoa Global Packaging president Andrey Donets said that they decided to take control of the recycling venture at the first opportunity available.

"We’ve been a leader and pioneer in recycling since the aluminum can was invented and we see great opportunities in this new chapter to deepen our rich heritage in recycling," added Donets.

Evermore Recycling will continue to operate from its current location in Nashville, Tennessee, US.