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Norsk Hydro ASA

12/17/2021 | Press release | Distributed by Public on 12/17/2021 04:38

Hydro agrees to sell its extrusion plant in Kuppam to Hindalco Industries

The transaction is structured as an asset sale and includes the Kuppam plant with approximately 245 direct employees and around 224 contract employees.

"With execution of the Business Transfer Agreement with Hindalco, we are sure that the extrusion business in Kuppam will continue its development under the new ownership. This is a good outcome for Hydro, Hindalco and the employees in Kuppam, who will continue their efforts to grow further in a new, dedicated downstream company," says Erik Fossum, SVP & Head of Precision Tubing in Hydro.

Hydro remains committed to the precision tubing markets, as well as to the general extrusion and fabrication operations and will have a strong footprint worldwide, maintaining its close cooperation with customers.

Closing of the sale is expected to take place during the first quarter 2022.

Published: December 17, 2021

Contact

Line Haugetraa

Head of Investor Relations

+47 41406376

Jacob Nielsen

Director Communication, Hydro Extrusions

+47 903 65 216