Norsk Hydro : Norsk Hydro: Hydro acquires Vigeland Metal Refinery and Vigelands Brug Hydro has signed an agreement with Rio Tinto Alcan to acquire its 50 percent ownership share in the Vigeland Metal Refinery AS and 100 percent ownership share in the AS Vigelands Brug hydropower station, located in southern Norway. Hydro held a 50-percent ownership share in Vigeland Metal Refinery AS prior to the transaction, and was the sole off-taker of its production of high-purity aluminium. High purity aluminium is a vital part in semiconductors and several electronic applications such as LCD screens for TVs, computers, cell phones and tablets. "The metal refinery fits very well into the company's value added product strategy", said Executive Vice President and Head of Primary Metal, Hilde Merete Aasheim. Executive Vice President and Head of Energy and Corporate Business Development, Arvid Moss, said the acquisition was a good example of cooperation across Hydro's business areas. "The Vigeland transaction represents a close match with Hydro's overall business model as an integrated aluminium company, comprising an on-site hydropower asset supplying the refinery with electricity," he said. The transaction will be notified to the Norwegian Competition Authority, and Hydro will also apply to Norwegian authorities for an approval to acquire the hydropower assets in AS Vigelands Brug. Located in Vennesla at the lower part of the Otra River, the Vigeland Metal Refinery, organized within Hydro's Primary Metal division, has an annual production capacity of 8,500 tonnes of high-purity (99.99-99.999%) aluminium. Located on site, the AS Vigelands Brug "run-on-the-river" power station produces about 180 GWh in a normal year. Originally established already in 1621 as a saw mill, production of electrical power at Vigeland was commissioned in 1907 and aluminium production started in 1908, making it the longest-running aluminium plant still in operation in Norway. Investor contact Contact Pål Kildemo Cellular +47 97096711 E-mail Pål.Kildemo@hydro.com Press contact Contact Halvor Molland Cellular +47 92979797 E-mail Halvor.Molland@hydro.com ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Norsk Hydro via Thomson Reuters ONE HUG#1709638
Norsk Hydro : Norsk Hydro: Hydro acquires Vigeland Metal Refinery and Vigelands Brug
Press spacebar to pause and continue. Press esc to stop.