Norwegian aluminium producer Norsk Hydro ASA announced the completion of its acquisition of German building systems supplier Hueck by subsidiary Hydro Extrusions last week.
Hydro completed the purchase, which was first announced in early December on February 28 after obtaining regulatory approval from Germany and Austria. The firm notes that the acquisition strengthens their position in northwest Europe as well as establishing a springboard for building its extrusions and building supply business on the continent.
Executive Vice President of Hydro Extrusions Paul Warton elaborated on the purchase in a press release.
“Hueck is in many ways a perfect fit for Hydro Extrusions. With our new colleagues on board, we instantly grow our market share in the important German markets for both Building Systems and Extrusions. We look forward to meeting the people and together we will write new chapters in the history of both companies.”
Norsk Hydro, which was founded in 1905, financed by the Swedish Wallenberg family and French banks, began its life named Norsk hydro-elektrisk Kvælstofaktieselskab (literally, “Norwegian hydro-electric nitrogen limited”) by Sam Eyde. The Norwegian government owns approximately 40% of the company at the present time. Norsk Hydro is one of the largest aluminium companies in the world, with plants in Rjukan, Raufoss, Vennesla, Karmøy, Høyanger, Årdal, Sunndalsøra, and Holmestrand. Norsk also has several plants abroad.