Orkla and Hydro agreed in October 2012 to combine their respective profiles, building systems and tubing operations in a joint venture, owned 50/50 by the two companies.
|SIGNING: Hydro CEO Svein Richard Brandtzæg (from left), Sapa CEO Svein Tore Holsether and Orkla CEO Åge Korsvold met in Oslo on September 1, 2013, to sign the concluding documents for the Sapa transaction. (Photo: Halvor Molland)
With the last outstanding approval from Chinese competitions authorities on August 19, the transaction was completed on September 1.
Sapa AS, with 23,000 employees, is headquartered in Oslo, Norway, combining local expertise with a global network and R&D capabilities, serving customers from more than 100 production units in 40 countries.
The new joint venture has leading positions in Europe and North America, and strong footholds in emerging markets such as Brazil, China, India and Vietnam.
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have been correct. Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.