Sep 12 2007
Hydro has signed an agreement to sell its subsidiary Nordisk Aviation Products to US-based industrial group Teleflex Incorporated.
Hydro’s divestment of Nordisk Aviation Products is part of the restructuring of the company’s Aluminium Products business area. The sale is expected to result in a modest financial gain.
The transaction will combine the air-cargo container products of Teleflex and Nordisk. The combined businesses will operate as Nordisk Aviation Products with Nordisk and Telair ULD product lines. The current chief executive of Nordisk, Tomas Vigeland, will become managing director of the new business.
Nordisk Aviation Products, headquartered in Holmestrand, southeast Norway, is the world leader in the design, supply and maintenance of air cargo containers and pallets. Its main production and engineering facilities are located in Holmestrand. It also has a manufacturing facility dedicated to the Chinese market in Kunshan, near Shanghai, and sales offices and regional headquarters in Hong Kong, Copenhagen and Florida.
Teleflex Inc. is a diversified industrial company focusing on engineered products. The company has operations in 23 countries and more than 19,000 employees.