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Sunday, August 14, 2022

Hydro enters aluminum’s big leagues

Norsk Hydro, the big Norwegian metals firm that’s 34-percent owned by the state, got bigger on Monday. It announced it was buying the remaining half of aluminum firm Sapa, from privately controlled stocklisted firm Orkla, for NOK 13.5 billion (USD 1.6 billion).

Hydro CEO Svein Richard Brandtzæg claimed that the deal “confirms” Hydro’s position “as the world’s leading, integrated aluminum company.” Brandtzæg cited Hydro’s “strong production entities” and competence “from mining operations to finished products.”

The deal boosts Hydro’s staffing to more than 35,000 in around 40 countries. It already was a major aluminum producer, while Orkla is best-known as a supplier of brand-name food items including Pizza Grandiosa. Sapa was valued at NOK 27 billion and its sale will trigger a capital gain of around NOK 5 billion for Orkla.

newsinenglish.no staff

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