Norsk Hydro Completes Acquisition of VAW

Norsk Hydro ASA, the Norwegian Oil and Energy, Aluminium and Agri group, has completed the acquisition of the German aluminum company, VAW aluminium AG.

The closing in Dusseldorf, Germany, comes just a little over two months after Hydro entered into the agreement with the German utility and industry group, E.ON, to acquire VAW. The completion of the transaction is to be followed by a rapid integration of Hydro and VAW, which will create Hydro Aluminium - an innovative global force in the aluminum industry.

"VAW and Hydro represent an excellent strategic fit. The combination of our strengths in rolled products and extrusions enable us to offer customers a broader product range and move closer to aluminum end users. We will also be able to increase our recycling activities. The combination open significant value creation opportunities," stated Jon-Harald Nilsen, CEO of Hydro Aluminium and executive vice president in the Norsk Hydro Group.

Hydro Aluminium will be one of the top three global aluminum suppliers, and market leader in important market segments. Hydro Aluminium will have a total business volume within primary aluminum cast house products of approximately 2.8 million tons. The combined group will have strong positions in markets for rolled and extruded products, and will be a global leader in aluminum applications for the building and automotive industries.