Sale of Hydro Seafood outside UK completed

Norsk Hydro and Nutreco Holding have today completed the transfer of the Hydro Seafood activities of Norsk Hydro, except for Hydro Seafood GSP Ltd in the United Kingdom, to Nutreco. This completion relates to almost 80 percent of the total Hydro Seafood activities.

Transfer can take place because the UK Secretary of State of the Departement of Trade and Industry, while considering the findings of the investigation of the UK Competition Commission, has consented to the transfer of all Hydro Seafood companies not based in the United Kingdom. Regarding the acquisition of the Scottish activities of Hydro Seafood by Nutreco, it is expected that the Secretary of State will take a decision within a reasonable period of time.

The full integration between Nutreco Aquaculture and the Norwegian, Irish and French activities of Hydro Seafood will now proceed as soon as possible.

Hydro estimate that the transfer of Hydro Seafood outside the United Kingdom will result in a pre-tax gain of approximately 1800 million NOK in the fourth quarter of this year. Gains from the sale of Hydro Seafood activities in Scotland will not be booked until these assets are transferred.