Norwegian aluminum producer Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK) Monday said it has entered into a binding agreement to sell its aluminium rolling mill in Cisterna di Latina, Italy, to Rolling Mills International GmbH. The transaction is expected to close by end 2015.
Under the deal, Rolling Mills, controlled by Munich-based investment company Quantum Capital Partners AG, will acquire 100 percent of the shares in Hydro Aluminium Slim S.p.A, which produces aluminium rolled products, mainly standard strip and sheet, as well as plain foil.
Hydro Aluminium Slim 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.