Norsk Hydro To Sell Aluminum Rolling Business to KPS Capital Partners

SEATTLE (Scrap Monster): Norwegian aluminum firm Norsk Hydro ASA announced that it has reached an agreement with the U.S.-based KPS Capital Partners to sell its aluminum rolling business to the latter. Hereafter, the business will be owned by KPS and will be renamed as a new entity called Speira.

The business will operate seven facilities spread across the Europe, in addition to R&D center across Germany and Norway. This includes the aluminum roll mill and aluminum finish mill located in Germany. The entity will continue to manufacture advanced rolled aluminum products. The total number of employees under Speira comes to around 5,000, mainly in Germany and Norway.

ALSO READ:

Norsk Hydro Declares Firm Measures to Cut Costs and Investment

Hydro Explores Ways to Boost Use of Obsolete Aluminum Scrap

Emar Glomnes, who has been serving as the executive vice president of Norsk Hydro’s rolling business, will serve as the CEO of the new company.

Commenting on the deal, Glomnes said that this is the beginning of new chapter for the company. The company will continue to serve its customers with high-quality low-carbon products and solutions, he added. Meantime, Michael Psaros, co-founder and co-managing partner of KPS announced that their aim is to transform Speira into the world’s leading aluminum company. It will focus on sustainability, innovation, and new product development, he said.