Norwegian aluminum producer Norsk Hydro ASA (NHYDY.PK,NHYKF.PK,NHY) reported signing a binding deal to sell its aluminium rolling mill in Malaysia to Nippon Foil Mfg. Co., Ltd., a subsidiary of Japan-based UACJ Corp., for $20 million.
The aluminium foil plant in Pasir Gudang, Malaysia started commercial production in 1985. It was taken over by Hydro in 2002, via. the acquisition of VAW aluminium AG, and thoroughly revamped. With around 170 employees, the rolling mill produces nearly 12,000 metric tons of aluminium products every year.
The transaction may close by end of 2013, subject to the approval from the Ministry of International Trade and Industry of Malaysia.
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