KUALA LUMPUR: Norwegian aluminium producer, Hydro has agreed to sell its aluminium rolling mill in Malaysia, one of the largest alumninium foil producers in Asia Pacific, to Japan's Nippon Foil Mfg Co Ltd for US$20 million.
The company last week has entered into a binding agreement with Nippon Foil Mfg, a wholly-owned subsidiary of UACJ Corp, which is based in Japan.
Hydro's rolled products business area executive vice president Oliver Bell said the rolling mill in Asia has a good platform for further development under new ownership.
"Hydro will continue our efforts in strengthening our position as the number one aluminium foil producer in Europe," he said in a statement.
The transaction of the deal is expected to close by end of this year and subject to approval from Ministry of International Trade and Industry Malaysia.
According to the statement, the aluminium foil plant in Pasir Gudang, Johor started commercial production in 1985 and was taken over by Hydro in 2002, through the acquisition of VAW aluminium AG, and since then, it was thoroughly revamped.
The rolling mill has around 170 employees and produces around 12,000 tonnes of aluminium products annually.
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