The Remscheid operations employ 124 people and was planned to be closed by Hydro at year end. The signed Term Sheet contains the principle terms of the transaction to sell the business, which is expected to be completed October 1, 2020. In the transaction, Fertinger will take over a majority of the employees, and the transaction will secure continued deliveries to the customers of Hydro Remscheid.

'We are pleased to have reached an agreement with Fertinger that will allow for the continued operations of the Remscheid facility. We see this as a good solution, both for the employees and for the customers of Hydro Remscheid,' says Hydro Precision Tubing president, Erik Fossum.

Published: August 04, 2020

Contacts
Halvor Molland

Senior vice president, Media Relations

halvor.molland@hydro.com
Christopher Minora

Investor Relations Officer

Christopher.Minora@hydro.com

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Norsk Hydro ASA published this content on 04 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2020 11:06:04 UTC