New Agri production JV with NutriSI

(Dec. 7, 2001) Norsk Hydro has signed a 50/50 joint venture agreement with Belgium-based company NutriSI (owned 50 percent by SQM of Chile and 50 percent by Rotem of Israel) to form a combined production enterprise for speciality fertilizer.

The new JV company will be named NU3 N.V, and merges Hydro's production of water soluble NPK and speciality liquids at

Vlaardingen, Holland, with NutriSI's plant in Grobbendonk, Belgium. A total of 41 personnel currently employed by Hydro in Vlaardingen will be transferred to the new company, which will have a total staff of about 75.

The EU Competition authorities have approved the agreement to establish the new company, which will start operating on January 15, 2002.

NU3 products will be marketed by SQM and Hydro in accordance with recently established agreements.