Hydro has entered into a binding agreement to sell its aluminium rolling mill in Malaysia to Nippon Foil Mfg. Co., Ltd. (NFM), a wholly owned subsidiary of UACJ Corporation, based in Japan.
The transaction value is USD 20 million.
The aluminium foil plant in Pasir Gudang, Malaysia started commercial production in 1985. It was taken over by Hydro in 2002, through the acquisition of VAW aluminium AG, and thoroughly revamped.
The rolling mill has around 170 employees and produces around 12,000 metric tons of aluminium products annually. The plant is one of the largest aluminium foil producers in the Asia-Pacific region.
"The rolling mill in Asia has a good platform for developing further under new ownership. Hydro will continue our efforts in strengthening our position as the number one aluminium foil producer in Europe," said Oliver Bell, executive vice president and head of Hydro`s Rolled Products business area.
The transaction is expected to close by end of 2013 and is subject to approval from the Ministry of International Trade and Industry of Malaysia.
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Source: Norsk Hydro via Thomson Reuters ONE