Norsk Hydro to Sell Auto Components Unit
Norsk Hydro ASA said Monday it will sell its automotive components operations as the company reorganizes its metal production operations.
Automotive components comprise the castings and structures business units and has more than 3,600 employees in Europe and North America. Key products include cast aluminum engine blocks and cylinder heads.
The company didn't disclose financial details or specify any potential buyers.
"We believe the operations and employees will have a better home with a company that sees greater potential for value creation in that business than we do," Chief Executive Eivind Reiten said in a statement.
Norsk Hydro is an energy and aluminum supplier with 33,000 employees in 40 countries. It is a major producer of offshore oil and gas and renewable energy sources.
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