Norsk Hydro: Divestment of Italian rolling mill completed

The announced sale of Hydro's rolling mill in Cisterna di Latina, Italy, has been finalized.

The Slim plant in Cisterna di Latina will from January 1, 2016 be operated by Rolling Mills International GmbH under the name of SLIM Aluminium S.p.A.

An after-tax book loss of 45 - 55 million euros will be realized in Hydro's fourth-quarter 2015 reported results.

The rolling mill in Cisterna di Latina produces aluminium rolled products, mainly standard strip and sheet, as well as plain foil. Through the agreement, Rolling Mills International GmbH has acquired 100 percent of the shares in Hydro Aluminium Slim S.p.A. Rolling Mills International GmbH is controlled by Quantum Capital Partners AG, a Munich-based investment company.

The rolling mill has around 430 employees and a production capacity of around 92,000 metric tonnes rolled products per year. The plant was established in 1964, and Hydro took over the plant in 2002 as part of the acquisition of German aluminium producer VAW.