The Hanover foundry focuses on special aluminum alloys, especially hard alloys for the aerospace industry. Through the agreement, IQ Industrial Holding acquires 100 percent of the shares in Hydro Giesserei Hannover GmbH.
The Hanover foundry was taken over by Hydro during the integration of VAW aluminum AG in 2002 and is not considered a core business. The foundry mainly delivers its hard alloy products to a customer right next door.
The Hanover foundry has around 30 employees and produced around 12,000 tons of aluminum products in 2013.
The transaction is expected to close in the second quarter of 2014.