Hydro Polymers divestment process discontinued

March 25, 2004, 07:30 CET

Hydro has decided to discontinue the previously announced Hydro Polymers divestment process.

Wholly owned by Hydro, Polymers will focus on streamlining its operations and successfully completing the ongoing investment projects to further strengthen the company's position in the European vinyl industry.

– We have a well motivated organisation to take the company further on under the umbrella of Hydro, says senior vice president Anders Hermansson, Hydro Polymers.

Hydro Polymers is the fourth largest producer and supplier of PVC in Europe, with a turnover of NOK 4.500 million and 1.200 employees. The company has production plants in Norway, Sweden and UK. In addition, Hydro Polymers takes part in joint ventures both in Europe, the Middle-East and in Asia.

To further strengthen the business several investment project are ongoing, of which expansion of the chlorine plant at Rafnes is the main one. The investment is approximately NOK 1 billion and production is planned to start in 2005.