Norsk Hydro: EU approves joint venture in aluminium solutions
(Thomson Reuters ONE) -
The EU Commission has approved today the transaction between Norwegian aluminium
company Norsk Hydro ASA and branded consumer goods group Orkla ASA to form a
50/50 joint venture within aluminium solutions to be named Sapa. Pending
necessary approval from Chinese competition authorities, the parties expect the
transaction to be completed in third quarter 2013, at the latest.
The transaction has already been approved by the U.S. Department of Justice and
relevant competition authorities in several other jurisdictions. The parties
also need approval from Chinese competition authorities (MOFCOM), which is
currently evaluating the transaction.
Due to limited overlap of the parties' operations in China, the parties expect
the transaction to be approved. The timing of the approval from MOFCOM is
difficult to determine, but the parties expect the transaction to be approved in
the third quarter, at the latest.
Approval from the EU Commission is conditioned on the sale of Hydro's aluminium
profile operations at Raufoss in Norway and its affiliated fabrication plant in
Vetlanda in Sweden, as well as Sapa's multi-port extrusion (MPE) operations in
Harderwijk in the Netherlands. The parties have started the process to divest
these businesses in line with the Commission's decision.
From June 1 and until closing, Arnstein Sletmoe, who has been appointed CFO of
the new Sapa joint venture, will temporarily head up Hydro's Extruded Products
business area. At the same time, Executive Vice President Hans Joachim Kock,
currently head of Extruded Products, will take over as Head of Finance in the
Bauxite & Alumina business area and leave the Corporate Management Board (CMB),
as previously announced. Sletmoe will report directly to CEO Svein Richard
Brandtzæg, but will not be part of the CMB.
Investor contact
Contact Rikard Lindqvist
Cellular +47 41751199
E-mail Rikard.Lindqvist(at)hydro.com
Investor contact
Contact Pål Kildemo
Cellular +47 97096711
E-mail Pål.Kildemo(at)hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland(at)hydro.com
Certain statements included within this announcement contain forward-looking
information, including, without limitation, those relating to (a) forecasts,
projections and estimates, (b) statements of management's plans, objectives and
strategies for Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates, start up costs,
cost reductions and profit objectives, (d) various expectations about future
developments in Hydro's markets, particularly prices, supply and demand and
competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk
management, as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking
statements are reasonable, these forward-looking statements are based on a
number of assumptions and forecasts that, by their nature, involve risk and
uncertainty. Various factors could cause our actual results to differ materially
from those projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause these
differences include, but are not limited to: our continued ability to reposition
and restructure our upstream and downstream aluminium business; changes in
availability and cost of energy and raw materials; global supply and demand for
aluminium and aluminium products; world economic growth, including rates of
inflation and industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets and
competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been
correct. Hydro disclaims any obligation to update or revise any forward looking
statements, whether as a result of new information, future events or otherwise.
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
[HUG#1701089]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2013 - 17:31 Uhr
Sprache: Deutsch
News-ID 259294
Anzahl Zeichen: 5241
contact information:
Town:
Oslo
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 161 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Norsk Hydro: EU approves joint venture in aluminium solutions"
steht unter der journalistisch-redaktionellen Verantwortung von
Norsk Hydro (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
