Sep 2 2013
The transaction to combine Norsk Hydro ASA's Extruded Products business area and Orkla ASA's Sapa into a 50/50 joint venture has been completed as planned. Sapa, the new global leader in extruded aluminium solutions, was established on September 1.
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)
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.
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.
Investor contact
Contact: Pål Kildemo
Cellular: +47 97096711
E-mail: [email protected]
Media contact
Contact: Halvor Molland
Cellular: +47 92979797
E-mail: [email protected]
Source: http://www.hydro.com/