KPS Capital Partners to Acquire Aluminum Rolling Business from Norsk Hydro ASA yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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Norsk Hydro: Hydro agrees to sell Rolling business area to KPS Capital Partners for EUR 1,380 .
Norsk HydroMarch 5, 2021 GMT
Energy and aluminium company Norsk Hydro ASA has entered into an agreement to sell its Rolling business to KPS Capital Partners for EUR 1,380 million on an enterprise value basis. A major step on Hydro’s agenda to improve profitability and drive sustainability.
The transaction includes seven plants, one R&D center, global sales offices, and around 5,000 employees of which 650 employees in Norway and the remaining mainly in Germany.
KPS Capital Partners to Acquire Aluminum Rolling Business from Norsk Hydro ASA
KPS to Leverage Successful Track Record Investing in Metals to Accelerate Growth
NEW YORK, March 5, 2021 /PRNewswire/ KPS Capital Partners, LP ( KPS ) today announced that it has signed a definitive agreement to acquire the global aluminum rolling business ( Rolling or the Company ) from Norsk Hydro ASA (NHY.OL, Hydro ) for €1.38 billion (approximately $1.67 billion). Completion of the transaction is expected mid-year 2021 and is subject to customary closing conditions and approvals.
The Company is one of the largest global manufacturers of aluminum rolled products, serving customers across a diversified set of end-markets including beverage can, automotive, foil packaging, and building and construction. The Company s assets consist of seven manufacturing facilities and one R&D center across Germany and Norway, including Alunorf, the world s largest aluminum rolling mill, and Grevenbroich, the wo