Hydro sells rolling business for $1.6 bln to focus on sustainability, low-carbon Al

Aluminium producer Norsk Hydro has entered into an agreement to sell its rolling business to KPS Capital Partners as part of Hydro’s agenda to improve profitability and drive sustainability, it said on Friday March 5.

Norsk Hydro sold the rolling business for €1.38 billion ($1.6 billion) on an enterprise value basis, it said.
“Hydro launched a strategic review of our rolling business area in 2019, along with other strategic measures toward profitability and sustainability,” president and chief executive officer Hilde Merete Aasheim said.

“We have now concluded [that review] and our rolling business will continue to develop under new ownership. This is a good solution for both Hydro and for employees in rolling, who will continue their efforts and continued growth in...

Published

Alice Mason

March 05, 2021

12:20 GMT

London