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KORN- OG FODERSTOF KOMPAGNIET (KFK) SELLS SWEDISH SUBSIDIARY
10 October 2002 - Hydro Aluminium
| The Danish company Korn- og Foderstof Kompagniet (KFK), in which Norsk Hydro owns 68.8 percent of the outstanding shares, has signed an agreement relating to the divestment of its subsidiary, Svenska Foder, to a purchasing consortium consisting of Dansk Landbrugs Grovvareselskab (51 %) and Svenska Lantmännen (49%). |
Svenska Foder, which has roughly 250 employees, had a turnover of SEK 1.8 billion in 2001. The sale will be completed by transferring all shares to the consortium in return for an agreed cash payment of SEK 260 million. The transaction is dependent on the approval of the Swedish competition authorities. The divestment involves an accounting loss for Norsk Hydro of some NOK 70 million, which is expected to be charged in the third quarter. Following the previously agreed divestment of KFK's agricultural operations in Denmark, KFK will have approximately 550 employees working mainly within the fish-feed ( Biomar) and bioenergy (Bioenergi) sectors. These activities will continue under the name Treka A/S. The remaining activities had sales in 2001 of DKK 2.5 billion, and EBIT of DKK 90 million. The divestment of further KFK operations is under consideration.
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