On March 5, Hydro, a major energy and aluminum company, announced that the company has signed an agreement with KPS Capital Partners to sell its poorly performing aluminum rolling business to private equity for 1.38 billion euros (1.65 billion US dollars) Company KPS Capital Partners.

　　The transaction will involve 7 aluminum rolling plants, a research and development center, a global sales office and approximately 5,000 employees.

　　Hilde Merete Aasheim, President and CEO of Hydro said: "Our rolling business will continue to develop under the new ownership. This is a good solution for Hydro and the employees of the rolling business. They will Continue to work hard and continue to grow in a new and focused downstream company. The sale of the rolling business will enhance our ability to implement strategies, strengthen our position in the low-carbon aluminum field, and at the same time match our capabilities with global trends Explore new growth points in the field."

　　In 2020, the revenue of Hydro Rolling Division is approximately US$2.923 billion, accounting for 17% of Hydro’s total revenue, and the potential profit before interest, tax, depreciation and amortization is US$153 million, accounting for 9% of Hydro’s total revenue. The sales volume reached 864,000 tons, and the service areas include aluminum can materials, aluminum foil, lithography, automotive and general engineering.

　　The sale, in addition to realizing Hydro’s strategic ambitions, will also help improve Hydro’s assets and liabilities. The transaction is expected to be completed in the second half of 2021. The valuation shows an impairment of 160 million-190 million euros.