Hydro adjusts to slower market

Although activity in the building industry in Europe remains relatively stable, in the midst of the global economic crisis, Hydro has made adjustments in its production of aluminium building systems. Hydro estimates that the adjustments will result in annualized cost savings of more than EUR 5 million. Until now, Hydro says, the most significant portion of the cost savings has been generated from the process to integrate the Spain-based Alumafel Group with the rest of Hydro’s aluminium building systems unit in Portugal and Spain. The savings are in line with the estimates Hydro made prior to the July 2008 acquisition. - We know this is going to be a challenging year. Our goal is to continue to stay ahead as we navigate this economic storm, and come out stronger when it ends, says Lars Hauk Ringvold, who is responsible for Hydro's aluminium building systems organization. The largest integrated aluminium company in Europe, Norwegian Hydro covers the range of system products, from windows and doors for single-home residential solutions to the erection of façades on major structures such as new airports or high-rise buildings.