The transaction results in a book loss of around NOK 200 million after taxes in the fourth quarter of 2009.
"Good solution"
"This is a good solution for the employees and for Bavaria, who can further develop their business in a new context, but also for Hydro: We are pursuing the strategy of improving our rolling portfolio and concentrating on core operations with that, ”says CEO Oliver Bell, who is responsible for the Rolled Products business area at Hydro.
The Inasa plant was founded in 1956 and joined Hydro in 2002 as part of the acquisition of VAW aluminum AG. It can manufacture 30,000 tons of rolled products per year, mainly thin film and tape, currently has 221 employees, making it Hydro's smallest rolling mill in Europe.
Hydro is a leading global supplier of rolled aluminum products and delivers up to 1 million tons a year. The rolling division now employs around 4,000 people in a strong network of European rolling mills in Germany, Norway and Italy as well as a foil rolling mill in Malaysia. Hydro is the world market leader in the production of aluminum tape for offset printing plates and wafer-thin film for aseptic packaging.
Bavaria Industrie Kapital AG specializes in the takeover and restructuring of low-profit companies. In October Bavaria already agreed to acquire a regional competitor from Inasa, the Alcoa Sabiñanigo plant.
Still strong in Spain
Upon completion of the agreed transaction, Hydro will continue to serve the Spanish locations of its global rolled products customers and will continue to operate its sales office in Barcelona.
Hydro is the market leader in Spain in the extrusion industry as well as in aluminum construction systems and recycles aluminum in its remelting plant in Azuqueca. Hydro has more than 700 employees at these locations, especially in northern Spain and around Madrid.
: 11 January 2010