Hydro sells Noveas to Bandak AS

(Sep. 8, 2004) Hydro Aluminium and Bandak AS have reached an agreement on the sale of the Hydro subsidiary Noveas AS, effective 30 September.

Noveas is located in Halden, Norway, and employs 40 persons. The company designs and produces machine tools mainly for the automotive industry, in particular aluminium profile forming tools used in the manufacture of bumper beams. Noveas has been a part of Hydro Aluminium since 1997, and will continue to be a supplier to its Automotive business sector in the future.

The Norwegian company Bandak AS is located in Lunde in Telemark and delivers products and services such as complex systems, engineering, machining and coating to a variety of customers in the offshore, defence and aerospace industries.

The agreement is subject to regulatory approval by the Norwegian competition authorities.