Hydro divests automotive structures activities
(Thomson Reuters ONE) - Norsk Hydro ASA has today entered into an agreement to divest itsautomotive structures business to Benteler Automobiltechnik GmbH, theautomotive division of the large German industrial enterpriseBenteler Group with headquarters in Paderborn, Germany. The agreementrepresents a solid, long-term industrial solution for Hydro`sautomotive structures activities, and is in line with Hydro'sstrategy to focus its extruded activities on profiles solutions andbuilding systems.The transaction is expected to be cash neutral for Hydro, and anestimated after tax loss of NOK 250 million will be recognized inHydro's fourth quarter 2009 results. Hydro expects the transaction toclose by the end of fourth quarter 2009 subject to clearance byrelevant competition authorities and other anti-trust bodies."We are pleased to have found a buyer with the ambition, competenceand size to further develop the automotive structures activities,"says Executive Vice President Johnny Undeli, responsible for theExtruded Products business area in Hydro.Hydro's automotive structures business, part of the Extruded Productsbusiness area, is a leading supplier of advanced crash managementsystems, roll-over bar protection systems and other structuralcomponents and assemblies, serving the majority of the globalcarmakers. The business has a significant part of its production atRaufoss in Norway, with other plants in China, Czech, Denmark,France, Germany, Sweden and the United States. Revenues amounted toNOK 2.2 billion in 2008 and the business had about 1,200 employees atthe end of third quarter 2009.The Benteler Group is internationally active with its businessdivisions Automotive, Steel/Tube and Distribution and was founded in1876. Operating under the Benteler name, the business is not only oneof the largest independent automotive suppliers, but also one of themost important steel tube manufacturers in Europe as well as one ofthe leading stock holders and processors of steel tubes and stainlesssteel tubes. Today, Benteler employs more than 24,000 persons at 150locations in 35 countries."We've restructured and reduced the size of our automotive structuresactivities over the past years. This has improved financial results,despite the economic downturn," says Undeli. "After having run theseoperations for a number of years without satisfactory earnings, wefeel convinced that the new owner will concentrate fully on servingthe automotive industry and that it will add the competence necessaryto increase profitability and market position."Hydro, an integrated aluminium and energy company, will continue tobe a major supplier of aluminium, as well as semi-fabricated rolledand extruded aluminium profiles, to the automotive industry after thedivestment.Press contactContact Erik BrynhildsbakkenTelephone +47 22538301Cellular +47 41751271E-mail Erik.Brynhildsbakken(at)hydro.comInvestor contactContact Stefan SolbergTelephone +47 22539280Cellular +47 91727528E-mail Stefan.Solberg(at)hydro.com *********Certain statements included within this announcement containforward-looking information, including, without limitation, thoserelating to (a) forecasts, projections and estimates, (b) statementsof management's plans, objectives and strategies for Hydro, such asplanned expansions, investments or other projects, (c) targetedproduction volumes and costs, capacities or rates, start-up costs,cost reductions and profit objectives, (d) various expectations aboutfuture developments in Hydro's markets, particularly prices, supplyand demand and competition, (e) results of operations, (f) margins,(g) growth rates, (h) risk management, as well as (i) statementspreceded by "expected", "scheduled", "targeted", "planned","proposed", "intended" or similar statements.Although we believe that the expectations reflected in suchforward-looking statements are reasonable, these forward-lookingstatements are based on a number of assumptions and forecasts that,by their nature, involve risk and uncertainty. Various factors couldcause our actual results to differ materially from those projected ina forward-looking statement or affect the extent to which aparticular projection is realized. Factors that could cause thesedifferences include, but are not limited to: our continued ability toreposition and restructure our upstream and downstream aluminiumbusiness; changes in availability and cost of energy and rawmaterials; global supply and demand for aluminium and aluminiumproducts; world economic growth, including rates of inflation andindustrial production; changes in the relative value of currenciesand the value of commodity contracts; trends in Hydro's key marketsand competition; and legislative, regulatory and political factors.No assurance can be given that such expectations will prove to havebeen correct. Hydro disclaims any obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.10.2009 - 07:30 Uhr
Sprache: Deutsch
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