Hydro Agri completes sale of ship agency operations to Barwil

(Sep. 30, 2002) Hydro Agri has signed an agreement with Barwil Agencies AS of Wilh. Wilhelmsen ASA under which Barwil will take over Hydro's ship agency operations in Germany.

A similar agreement regarding Norway and the BeNeLux was concluded in November 2001.

In addition, Hydro Agri has divested its 50% holding in Stiansen & Wiborg in Brevik, Norway as well as its 50% holding in Baltimar in Rostock, Germany.

These moves are in line with Hydro Agri's strategy to further develop its position as a leader in the fertilizer industry by pursuing selective growth in core areas of particular strength.

The revenue of Hydro's ship agency operations covered by the deal, amounted to approximately 9 million NOK in 2000, generated by about 700 port calls. The employees of the 100% owned German agency operation  will continue in their respective positions under the new owner.

Barwil Agencies is present in 54 countries around the world and employs 2700 persons spread over 190 offices. In Europe, their main presence has been limited to the Mediterranean and Baltic regions.

Barwil's acquisition of Hydro's ship agency operations in Germany, Norway and the BeNeLux reflects the company's growth strategy.

The deal gives a good geographical fit, and Hydro Agri will enjoy a continued professional agency service through this alliance with one of the larger players in the agency business.

The initial contractual period is three years, starting on  May 1, 2002.