Norsk Hydro invests 20 mln euros in new equipment at automotive structures unit |
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Fri, 22 Jun 2007 13:37
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OSLO (Thomson Financial) - Norsk Hydro ASA said it will invest 20 mln euros in new equipment at its automotive structures business unit, as the firm starts the turnaround of the division following the recent decision not to seek a buyer.Hydro said the investment will be in a new annealing line -- a heat treatment used to change the properties of metals -- at its rolling mill in Grevenbroich, Germany.The Norwegian firm said the new line will deliver high quality car body sheeting, a segment which Hydro believes has the potential for rapid growth.First customer contracts are signed, Hydro said, and supply to car manufacturers will begin at the end of 2008.Only last week, Hydro said it had decided not to sell its automotive structures business -- which specialises in car bumpers -- after failing to find a buyer willing to match its own valuation.alastair.reed@thomson.comar/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Norsk Hydro cancels plans to sell automotive structures business UPDATE 