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Pronova Biocare to be sold

December 23, 2003, 09:30 CET

Hydro has agreed to sell 80.1% of the wholly owned subsidiary Pronova Biocare to the Norwegian industrial company Ferd.

Pronova Biocare is world leading in development, production and sales of marine Omega-3 fatty acids. The company has three business areas: drugs, consumer brands and industry sales.

Pronova Biocare has production facilities at Sandefjord and Ålesund, Norway, with main markets in the EU and USA.

The company has developed Omacor, the first medical drug entirely developed in Norway. It is based on Omega-3 and holds approval in several European countries for medical treatment of myocardial infarction and other cardiovascular deseases. The company is in a period of strong growth.

The divestment is in line with Hydro's strategy of focusing on core activities. The sales proceeds from the shares amounts to NOK 165 million. The transaction is expected to result in a pre-tax gain of approximately NOK 100 million.