Norsk Hydro, a Norwegian aluminum and renewable energy company, announced last Friday (March 5) that it has agreed on a sale of its underperforming rolling business to KPS Capital Partners, a private equity firm, for EUR 1.38 billion.
There are seven factories, one R&D center, global sales offices, and around 5,000 employees that will be involved in this transaction.
The work of this rolling division is mainly to process aluminum slabs into sheet products used in the packaging, automobiles, beverage cans, and other sectors.
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