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Article: Norway : Norsk Hydro offloads automotive structures business.
- Article from:
- TendersInfo
- Article date:
- October 29, 2009
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Byline: manish03
Norwegian aluminium major Norsk Hydro ASA (OSL: NHY) said it agreed today to sell its automotive structures business to Benteler Automobiltechnik GmbH, part of German group Benteler AG. The purchase price was not disclosed but Hydro expects the deal to be cash neutral for it. The company will book an estimated after-tax loss of NOK250m in its results for the fourth quarter of 2009.
The divestment is in line with Hydro's strategy to focus its activities within extruded products on profiles solutions and building systems.
Hydro expects to finalise the sale in 2009, pending clearance by ...