Norsk Hydro: Hydro sells Heroya Industripark OSLO, Norway,

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
Norsk Hydro: Hydro sells Heroya Industripark

OSLO, Norway, Dec. 18, 2015 (GLOBE NEWSWIRE) -- Norsk Hydro ASA has entered into an agreement with Oslo Pensjonsforsikring AS regarding the sale of Herøya Industripark AS. The transfer will likely occur during the first quarter of 2016.

"After a thorough process, and based on an overall assessment, we concluded that Oslo Pensjonsforsikring AS (OPF) would be the best new owner of Herøya Industripark. We see them as a long-term and very serious owner. Oslo Pensjonsforsikring already has a diverse portfolio of real estate, including industrial operations, and has broad experience in property management," says Executive Vice President Eivind Kallevik in Hydro.

Almost a year ago, Hydro announced the decision to offer the industrial park in Herøya for sale, a consequence of changes Hydro has undergone in recent years. Hydro has developed from a conglomerate operating in several business sectors to a pure aluminium company with its own significant electric power production. The company no longer has any production facilities at Herøya, but there are about 80 companies with 2 500 employees at this location, which for many decades was Hydro's largest production site.

The transaction is expected to give Hydro a book gain of approximately NOK 350 million. The formal transfer will likely occur during the first quarter of 2016. OPF has received the necessary approvals from the Financial Supervisory Authority to complete the transaction, but it must also be formally approved by the competition authorities.

The sale of Herøya Industripark does not include the power distribution grid, which will continue to be operated by Hydro's wholly owned subsidiary Herøya Nett AS. Hydro is in discussions with potential interested parties regarding the acquisition of this company.

Oslo Pensjonsforsikring AS is a life insurance company wholly owned by the Municipality of Oslo. The company manages the pension plans in the municipality, including municipal corporations and corporations where Oslo is the majority owner. In addition, the pension plans cover those who were employed at the municipal hospitals of Oslo, when the federal government took over ownership in 2002. OPF has total assets of NOK 78 billion.

Industrial activity began in Herøya in 1929 with the establishment of the Eidanger saltpeter factory. Fertilizer production was based on ammonia from Rjukan. The facilities were gradually expanded, first with the increased production of fertilizer and its by-products, and later with the production of PVC and magnesium. At the peak in the 1960s, Hydro employed around 6 500 people in Herøya.

Investor contact

Pål Kildemo

+47 97096711

Pål.Kildemo@hydro.com

Press contact

Halvor Molland

+47 92979797

Halvor.Molland@hydro.com

HUG#1974507

Scroll down for more posts ▼

Top 10 Most Recent News Articles

First Horizon's $25M Bet: New Center Transforms Houston

Updated Category News Views 76

New Markets Tax Credits: A Game Changer First things first, if you're thinking this is some typical charitable write-off, think again. First Horizon Bank (NYSE: FHN) is deep in the mix of something pretty transformative in the world of finance and community support. They're not just throwing money at a problem and hoping it sticks. Nope, we're talking real strategy with a...

Continue Reading
ACME's AI Innovation Shakes Up Filmmaking Scene

Updated Category News Views 63

The Game-Changer in Virtual Production You ever hear about the Grey Box™ phenomenon? Sounds like a sci-fi gizmo, right? Turns out, it's the real deal and ACME Media's been riding this revolutionary wave straight to the top of the film industry ladder. Their approach with this AI-driven gizmo isn't just about cutting-edge tech wizardry—it's reimagining how we shoot...

Continue Reading
Citigroup, Scotia Aid TSTT in $500M Note Offering

Updated Category News Views 31

Kicking off with a banger that’s got financial water coolers buzzing, Greenberg Traurig just pulled a rabbit out of the hat helping Citigroup and Scotia Capital orchestrate a chunky near $500 million dual-currency notes deal for Telecommunications Services of Trinidad and Tobago Limited (TSTT). Now, this isn’t your run-of-the-mill market maneuver. We're seeing a...

Continue Reading
Toys"R"Us Rolls Out 160 U.S. Stores, NYC Celebration

Updated Category News Views 162

Rebuilding the Toy Empire After a rough few years, Toys"R"Us is clawing its way back into the hearts—and wallets—of American shoppers. With 160+ new standalone stores popping up like mushrooms after rain, these guys aren't just playing games. This is a strategic move to reestablish their presence in the retail landscape just before the holiday shopping frenzy kicks...

Continue Reading
Terra Kaffe's Big Win with Oprah's Endorsement

Updated Category News Views 52

Terra Kaffe Hits the Jackpot with Oprah Sometimes, destiny has a way of handing out golden tickets, and for Terra Kaffe, receiving a nod from Oprah Winfrey's revered list of Favorite Things for 2026 is nothing short of that. I mean, you can't underestimate the pull Mrs. O has. Her endorsement isn’t just another celebrity pat-on-the-back, it’s a megaphone blaring...

Continue Reading
CVRx Faces Legal Storm: Investors Grapple with Fallout

Updated Category News Views 99

CVRx in the Crosshairs: Legal and Operational Woes There's a storm brewing over at CVRx, Inc. (NASDAQ: CVRX), and it's pulling investors down a hell of a financial rabbit hole. You might think you're in the clear with a company like CVRx that boasts approved devices, but think again. Recent revelations have shown that even those with FDA stamps aren't immune to the...

Continue Reading
YYForce Expands in UAE with Key Hospitality Wins

Updated Category News Views 170

Unveiling YYForce's Middle East Strategy Smack in the middle of an aggressive Middle Eastern expansion, YYForce (NASDAQ: YFOR) is making waves with some new headline-grabbing contracts in the UAE. This ain't just a side hustle—it's big time. They're planting their flag across the luxury hospitality sector like they're going for a moon landing. The recent announcement...

Continue Reading
Immunic, Inc. Steams Ahead: Phase 3 Trials Hinge on MS Data

Updated Category News Views 130

A Pivotal Moment for Immunic We’re staring down a critical December for Immunic, Inc. as they trot out top-line data for their Phase 3 ENSURE trials aimed at relapsing multiple sclerosis (MS). Now, I’m all ears wondering if those trials can hold water — success could morph them from a tinkering biotech into a commercial giant. For market vultures like us,...

Continue Reading
CR&R Workers Join Teamsters, Fight for Fair Conditions

Updated Category News Views 74

Waste Workers Push Back Against Corporate Pressure The Southern California sun isn't the only thing heating up these days; the waste workers at CR&R Environmental Services have cranked up the heat by voting to join Teamsters Local 396. It's like Groundhog Day in the world of labor rights—same story, different locale, workers banding together for a fair shot. A Stand...

Continue Reading
Kentucky Power's Bold Plan to Boost Local Economy

Updated Category News Views 93

Electricity, Economy, and Execution Kentucky Power just laid out plans that could massively swing the pendulum for eastern Kentucky's economic prospects. They've put filings on the table for the Kentucky Public Service Commission that, if approved, promise big economic benefits. We're talking about a potential infusion of $500 million through fixed-rate offsets and an...

Continue Reading

Top 5 Most Recently Viewed Articles

Analyzing Unusual Options Activity for Applied Digital Corp

Updated Category News Views 167

Understanding Options Activity in Applied Digital Corp High-rolling investors are displaying bullish sentiment towards Applied Digital (NASDAQ: APLD). For retail traders, monitoring such movements is crucial as they can indicate potential market shifts. Significant Trading Activity Observed Today, the options market revealed an unusual pattern in trading for Applied...

Continue Reading
Avantor Securities Class Action: Important Deadline Approaches

Updated Category News Views 195

Understanding the Avantor Securities Class Action In recent developments, Johnson Fistel, PLLP has announced that a class action lawsuit has been initiated on behalf of those who purchased or acquired shares of Avantor, Inc. (NYSE: AVTR) during a specific timeline in 2024 and 2025. This initiative aims to recover losses sustained by investors under federal securities...

Continue Reading
Liexs Digital Asset Center Revolutionizes Trading with Technology

Updated Category News Views 275

Transforming the Trading Landscape Recently, Liexs Digital Asset Center proudly introduced a cutting-edge trading interface and an upgraded API framework that set a new benchmark in intelligent trading technology. This significant advancement is geared towards enhancing both individual and institutional trading experiences, ensuring that traders can execute transactions...

Continue Reading
Celebrating Innovation: Aeroband at the NAACP Image Awards

Updated Category News Views 377

Aeroband Partners with NAACP Image Awards Unleash the Rhythm of Greatness: Empowering Musicians Everywhere Aeroband, a leader in smart music technology, is thrilled to be chosen as the exclusive music instrument brand for the NAACP Image Awards Official Celebrity Gift Lounge. This prestigious event honors excellence in entertainment, music, and culture. Through this...

Continue Reading
Expanding Horizons in the Organ Transplant Diagnostics Sector

Updated Category News Views 119

The Growth of the Organ Transplant Diagnostics Market Organ transplant diagnostics play a crucial role in modern healthcare by ensuring the effectiveness of transplantation procedures. This area of medicine revolves around identifying the right matches for organs, thereby enhancing the success rates of surgeries and improving patient outcomes. As the prevalence of organ...

Continue Reading