KPS Capital Partners (KPS) signed a definitive agreement to acquire the global aluminum rolling business (Rolling) from Norsk Hydro ASA for approximately $1.67 billion. The transaction is expected to be complete by the middle of the year. Rolling is one of the largest global manufacturers of aluminum rolled products and serves customers across markets including automotive, beverage can, foil packaging and construction. Its assets include seven manufacturing facilities and one research-and-development center across Germany and Norway. The acquired facilities include Alunorf, the world’s largest aluminum rolling mill according to Norsk Hydro, and Grevenbroich, the world’s largest rolled aluminum finishing mill according to Norsk Hydro.

According to Rolling, KPS has a demonstrated track record of creating and building industry-leading companies and has enjoyed tremendous success investing in the metals and automotive industries.