Hydro Aluminium sells Hydal
 TAKING OVER: Board chairman Tor-Geir Engebretsen is flanked by Hagbard Sandhåland (left) and Ståle Karlsen, who are taking over Hydal. (Photo: Kjell Langaker) |
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(June 16, 2003) The board of directors of Hydro Aluminium Hydal has approved the sale of the Norwegian company to two of its managers, Ståle Karlsen and Hagbard Sandhåland.
Karlsen, who will become majority owner of the Karmøy-based company, says Hydal will continue to be used as a brand name and that the company will continue its focus on the same main products that it delivers today. The company will drop Hydro Aluminium from its name.
Karlsen has been managing director of the company, with Sandhåland serving as marketing manager.
 CABINETS: Hydal produces aluminium cabinets for the telecommunication industry. |
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The new company has signed a long-term lease agreement for the factory building and local infrastructure at Hydro Aluminium's industrial area at Karmøy, which is located in Western Norway.
Board chairman Tor-Geir Engebretsen says the majority of the company's 27 employees will continue in the new Hydal.
The sale of Hydro Aluminium Hydal is part of Hydro Aluminium's strategy to divest operations that are not part of the organization's core business activities. In this case, Hydro Aluminium concluded that it did not wish to continue the production of aluminium cabinets for the telecommunication industry.
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