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Oct. 17, 2012
Aluminum Companies Merging as Sapa
Norwegian companies Orkla ASA and Norsk Hydro ASA have agreed to combine their respective profiles, building systems and tubing businesses. The new combined company, to be named Sapa, will be a 50/50 joint venture owned by Orkla and Hydro.
The agreement covers the Profiles and Building System, plus extruded and welded tubes, of Orkla's fully-owned Sapa operation, and all of Hydro's Extruded Products business. The new company will be headquartered in Oslo.
Based on 2011 figures, the combined company will have around $8.25 billion in annual revenue and 25,000 employees. The new company will have leading positions in Europe and North America, plus strong footholds in emerging markets, including Brazil, Argentina, China, India and Vietnam.
"Together we are creating a stronger company with a broader competence base and a highly experienced management team. This will strengthen Orkla's ability to successfully capture the value potential of our aluminum business," says Orkla President and CEO Age Korsvold.
The transaction will be completed in the first half of 2013, following approvals from relevant competition authorities. Svein Tore Holsether, currently president and CEO of Sapa, will be president and CEO of the combined company. Arnstein Sletmoe, head of mergers and acquisitions at Hydro, will be appointed CFO. Svein Richard Brandzaeg, president and CEO of Hydro, will be the chairman of the new company.
"The new company will have the necessary strength to meet current challenging markets and create a platform for future growth in emerging markets," says Brandtzaeg. “This transaction will contribute to strengthening Hydro as a world-leading, resource-rich aluminum company with robust activities across the value chain. Through the core combination with Sapa, Hydro is establishing a new structure for its extrusion business, positioned for improved profitability and potential for future growth," he says.
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