OSLO, Norway, April 30, 2003 (PRIMEZONE) -- Norsk Hydro ASA (NYSE:NHY), the Norwegian Oil and Energy, Aluminium and Agri group, has as of today completed the transaction to sell the former VAW Flexible Packaging business to Alcan Inc.
The transaction forms part of a previously announced divestment program, under which Norsk Hydro so far has completed divestments with an enterprise value of approximately NOK 6.5 billion.
The completion of the transaction is in line with the financial terms announced by Norsk Hydro on November 22, 2002.
Hydro Aluminium is the leading aluminium company in Europe, and one of the top three integrated aluminium companies globally. Hydro Aluminium will continue to focus on its core areas and will remain a leading European supplier of aluminium foil and rolled products for packaging applications from its Rolled Products business sector.
Certain statements in this press release are or may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not in the nature of historical facts may be deemed to be forward-looking statements and may contain identifying words such as "believes", "anticipates", "plans", "expects" and similar expressions. These forward looking statements are based on Hydro's current expectations, assumptions, estimates and projections about the company and the industries in which it engages in business. All forward-looking statements involve risks and uncertainties. For a detailed description of factors that could cause Hydro's actual results to differ materially from those expressed in or implied by such statements, please refer to its annual report on Form 20-F for the year-ended December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.
With respect to each non-GAAP financial measure Hydro uses in connection with its financial reporting and other public communications, Hydro provides a presentation of what Hydro believes to be the most directly comparable GAAP financial measure and a reconciliation between the non-GAAP and GAAP measures. This information can be found in Hydro's earnings press releases, quarterly reports and other written communications, all of which have been posted to Hydro's website (www.hydro.com).
Contact Thomas Knutzen Peik Norenberg Telephone +47 22539115 (+47) 22 53 34 40 Cellular +47 90612359 (+47) 91 76 15 56 E-mail Thomas.Knutzen@hydro.com Peik.Norenberg@hydro.com
Norsk Hydro ASA Bygdoey alle 2 N-0240 Oslo Norway Telephone: (+47) 22 53 81 00 Fax: (+47) 22 53 27 25 www.hydro.com