The Remscheid operations employ 124 people and was planned to be closed by Hydro at year end. The signed Term Sheet contains the principle terms of the transaction to sell the business, which is expected to be completed October 1, 2020. In the transaction, Fertinger will take over a majority of the employees, and the transaction will secure continued deliveries to the customers of Hydro Remscheid.
“We are pleased to have reached an agreement with Fertinger that will allow for the continued operations of the Remscheid facility. We see this as a good solution, both for the employees and for the customers of Hydro Remscheid,” says Hydro Precision Tubing president, Erik Fossum.