OSLO, NORWAY--(Marketwired - Sep 2, 2013) - The transaction to combine Norsk Hydro ASA'sExtruded Products business area andOrkla 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 onSeptember 1.
Orkla and Hydro agreed in October 2012 to combine their respectiveprofiles,building systems and tubing operations in a joint venture, owned 50/50 bythetwo companies. With the last outstanding approval from Chinese competitionsauthorities on August 19, the transaction was completed on September 1.
Sapa AS, with 23 000 employees, is headquartered in Oslo, Norway, combininglocal expertise with a global network and R&D capabilities, servingcustomersfrom more than 100 production units in 40 countries. The new joint venturehasleading positions in Europe and North America, and strong footholds inemergingmarkets such as Brazil, China, India and Vietnam.
Certain statements included within this announcement contain forwardlookinginformation, including, without limitation, those relating to (a)forecasts,projections and estimates, (b) statements of management's plans, objectivesandstrategies for Hydro, such as planned expansions, investments or otherprojects,(c) targeted production volumes and costs, capacities or rates,start-up costs,cost reductions and profit objectives, (d) various expectations aboutfuturedevelopments in Hydro's markets, particularly prices, supply and demand andcompetition, (e) results of operations, (f) margins, (g) growth rates, (h)riskmanagement, as well as (i) statements preceded by "expected", "scheduled","targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in suchforward-lookingstatements are reasonable, these forward-looking statements are based on anumber of assumptions and forecasts that, by their nature, involve risk anduncertainty. Various factors could cause our actual results to differmateriallyfrom those projected in a forward-looking statement or affect the extentwhich aparticular projection is realized. Factors that could cause thesedifferencesinclude, but are not limited to: our continued ability to reposition andrestructure our upstream and downstream aluminium business; changes inavailability and cost of energy and raw materials; global supply and demandforaluminium and aluminium products; world economic growth, including rates ofinflation and industrial production; changes in the relative value ofcurrenciesand the value of commodity contracts; trends in Hydro's key markets andcompetition; and legislative, regulatory and political factors.
No assurance can be given that such expectations will prove to have beencorrect. Hydro disclaims any obligation to update or revise any forward-lookingstatements, whether as a result of new information, future events orotherwise.
This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.
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(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Norsk Hydro via Thomson Reuters ONE
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