Nemak and Grupo Industrial de Saltillo, both of Mexico, benefit from Norsk Hydro divestment.Norsk Hydro Norsk Hydro ASA (OSE: NHY, NYSE: NHY) is a Norwegian aluminium and renewable energy company, headquartered in Oslo. Hydro is the fourth largest integrated aluminium company worldwide. It has operations in some 40 countries around the world and is active on all continents. ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and , Oslo, Norway, has agreed to sell its European automotive castings business to Nemak of Mexico, Monterrey. In addition, Hydro, an energy and aluminum group, will sell its share in Mexican casting plant Castech to the joint venture partner Grupo Industrial Saltillo, Saltillo, Mexico. The business primarily focuses on engine blocks and cylinder heads. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a press release, the divestment divestment to strip one's investment from an entity. of the castings operations is an element in the restructuring of Hydro's downstream aluminum operation. "As Hydro is reducing its engagement in downstream aluminum, I am pleased that we have found good industrial solutions for the castings business to further develop through increasingly global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. ," said Svein Richard Brandtzaeg, Hydro executive vice president responsible for aluminum products. Hydro has entered into two separate sales agreements for the castings units. Nemak acquires the European castings operations, consisting of the units in Dillingen, Germany, Linz, Austria, Gyor, Hungary and Charlottenberg, Sweden. Grupo Industrial Saltillo acquires Hydro's 49.99% interest in the Mexican joint-venture company Castech S.A. de CV, Saltillo, Mexico. The transaction represents an enterprise value for the castings business of approximately $600 million (NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3.7 billion). The European operations have a total of 2,200 employees, while Castech employs 1,000 people. The transaction will require clearance by competition authorities. Upon regulatory approval, the transaction will be closed, and the amount will be settled in cash. The major part of the automotive castings business became a part of Hydro through the acquisition of the aluminum company VAW, Bonn, Germany, in 2002. |
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