Posted in | News | Aluminum / Aluminium | Automotive Materials

Hydro Sells Off Share in Supplier of Magnesium Die Cast Automotive Components

Mar 5 2007

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Hydro's sale of its 49-percent share in the Canadian company Meridian Technologies Inc. has now been completed.

The sale marks another step in the ongoing restructuring of Hydro’s downstream aluminium portfolio.

Buyer is a consortium led by the Norwegian investor Jostein Eikeland’s Swiss holding company Estatia AG. The transaction is based on an enterprise value of the business of CAD 200 million (NOK 1.1 billion) and will give a NOK 50 million gain on Hydro’s results.

Meridian Technologies, headquartered in Strathroy, Ontario, is the world’s largest supplier of die-cast magnesium components to the automotive industry.

The company employs approximately 1,350 people and has six production facilities in five countries.

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