German Alumina Business To Be Sold
June 29, 2004
Hydro (Oslo, Norway) has entered into an agreement to sell its German-based alumina business to The Dadco Group, a privately owned investment, manufacturing and trading group. The agreement consists of a 50% share in Aluminium Oxid Stade GmbH (AOS), the related chemical grade alumina business and the dedicated bauxite supply source represented by Hydro's 10% share in Halco (Mining) Inc. The Dadco Group, which owns the remaining 50% of AOS, has purchased these operations for a consideration of approximately NOK 750 million. In addition, Dadco will assume all financial, commercial and all other obligations related to the business.