Norsk Hydro: Hydro agrees to sell aluminium casthouse in Hannover
April 15 2014 - 2:04AM
Hydro has entered into a binding agreement to sell its
special alloy aluminium casthouse in Hannover to IQ Industrial
Holding S.à r.l. (Luxembourg), a private industrial holding group
with operations across Europe.
The Hannover casthouse is focused on special aluminium alloys,
mainly hard alloys for the aerospace industry. Through the
agreement, IQ Industrial Holding will acquire 100 percent of the
shares in Hydro Giesserei Hannover GmbH.
The Hannover casthouse was taken over by Hydro through the
acquisition of VAW aluminium AG in 2002 and is considered non-core
business. The casthouse supplies its hard alloy products mainly to
a customer located wall-to-wall.
The Hannover casthouse has around 30 employees and produced
approximately 12,000 tonnes of aluminium products in 2013.
The transaction is expected to close during the second quarter
of 2014.
Investor contact
Contact Pål Kildemo
Cellular +47 97096711
E-mail Pål.Kildemo@hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland@hydro.com
HUG#1776208
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