Hydro has concluded an agreement with Lerøy Seafood Group ASA and SalMar AS regarding sale of the UK-based Hydro Seafood company, Hydro Seafood GSP Ltd. (GSP). This transaction, which involves Hydro Seafood's operations in Scotland and on Shetland, concludes the divestment of Hydro Seafood.
The process leading to the sale began when the Department of Trade and Industry announced in December 2000, in connection with the divestment of Hydro Seafood, that they were not able to approve this part of the transaction between Norsk Hydro and Nutreco. The sale of GSP to Lerøy and SalMar does not affect the total payment received by Norsk Hydro for Hydro Seafood. The earnings generated by this part of the Hydro Seafood transaction are expected to be accounted for in the third quarter 2001. The pre-tax gain is expected to be approximately NOK 400 million.
In the fourth quarter 2000 Hydro booked a pre-tax gain of NOK 1,609 million for the sale of Hydro Seafood's operations outside the UK. The total sales price for all of Hydro Seafood's operations was NOK 3.8 billion and generated pre-tax earnings of approximately NOK 2.0 billion.
******
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, 2000 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.