OSLO (dpa-AFX) - Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK) announced it has entered into a binding agreement to sell its special alloy aluminium casthouse in Hannover to IQ Industrial Holding S.à r.l. (Luxembourg), a private industrial holding group. IQ Industrial Holding will acquire 100 percent of the shares in Hydro Giesserei Hannover GmbH.
The Hannover casthouse is focused on special aluminium alloys, mainly hard alloys for the aerospace industry. The Hannover casthouse produced approximately 12,000 tonnes of aluminium products in 2013.
The Hannover casthouse was taken over by Hydro through the acquisition of VAW aluminium AG in 2002 and is considered non-core business.
Copyright RTT News/dpa-AFX