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Aluminum March 08, 2021 01:25:46 PM

Norsk Hydro Signed Agreement to Sell its Aluminum Rolling Business

Paul Ploumis
ScrapMonster Author
The sale will further strengthen the company’s position in low-carbon aluminum, by focusing on its key growth areas.

Norsk Hydro Signed Agreement to Sell its Aluminum Rolling Business

SEATTLE (Scrap Monster): Oslo, Norway-headquartered Norsk Hydro ASA announced that it has reached an agreement with New York City-based KPS Capital Partners LP towards sale of its aluminum rolling business to the latter. The deal is worth 1.38 billion euros. The transaction is expected to close by mid-2021 and is subject to customary closing conditions and regulatory approvals.

The move is part of Nork Hydro’s efforts to boost profitability and enhance sustainability. The sale will further strengthen the company’s position in low-carbon aluminum, by focusing on its key growth areas.

As part of the transaction, Norsk Hydro will sell seven plants, an R&D center, in addition to its global sales offices. The nearly 5,000 employees of the company’s rolling division will also become part of the new company. Einar Glomnes, executive vice president of Norsk Hydro’s rolling business will take the role of CEO. It must be noted that rolling business had accounted for nearly 17% of the company’s total revenue in the previous year.

ALSO READ: Norsk Hydro Facility Faces Penalty for Multiple Air Quality Permit Violations

KPS will focus on innovation and new product development. The team will work closely with Norsk Hydro’s management team to accelerate growth opportunities driven by substantial investment in the company's assets and operations

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