Norsk Hydro, the oil and energy, light metals and agri group, has signed a 50/50 JV Agreement with the Belgian company NutriSI (owned 50% by SQM of Chile and 50% by Rotem of Israel) to establish a joint production company for speciality fertilizer. The name of the JV company will be NU3 N.V, and it will be a combination of Hydro's production of water soluble NPK and speciality liquids at Vlaardingen, Holland and the NutriSI plant in Grobbendonk, Belgium. 41 employees currently with Hydro in Vlaardingen will be transferred to the new company, which will have a total staff of about 75.
The agreement to establish the new company has been approved by the EU Competition authorities, and the new company will be in operation from January 15, 2002.
The new company's products will be marketed by SQM and Hydro in accordance with recently established agreements.