Hydro has entered into a binding agreement to sell its extrusion plant in Portugal to Bavaria Industriekapital AG. The transaction is expected to close on August 31.
The extrusion plant is located in Cacém, near the capital city of Lisbon, and employs about 170 people.
Portalex, as the company is known in the market, has felt the downturn in the Portuguese market and struggled over the last years. The company has two extrusion presses, a remelter and a full range of added-value activities.
Hydro has owned the Portuguese plant since 1995, when it acquired the company from UK-based Caradon Plc.