Norsk Hydro aluminum rolling business sold, renamed

Norway-based Norsk Hydro ASA has announced that it has entered into an agreement to sell its rolling business to U.S.-based KPS Capital Partners. Under KPS ownership, the business is a stand-alone company called Speira. 

The company will manufacture advanced rolled aluminum products. The company will operate seven manufacturing facilities and a research and development center across Germany and Norway. 

According to a news release by KPS, the acquisition includes Norsk Hydro’s business Alunorf, an aluminum rolling mill, and Grevenbroich, an aluminum finish mill, both located in Germany. Speira employs around 5,000 people mainly in Germany and Norway.

Einar Glomnes, who led Hydro’s rolling business as executive vice president, has been appointed as CEO of the new company.

“I am very pleased about this milestone and the beginning of this new chapter for our company,” Glomnes says. “We have an exciting transformation journey ahead and the clear ambition to be a highly profitable, leading player and the industry benchmark in sustainability. We have everything we need to achieve our ambitions. We have the assets and we have the best people. We will use our best-in-class rolling and recycling capabilities to serve our customers with high-quality low-carbon products and solutions.”

“We intend to transform Speira into the world’s leading aluminum company,” says Michael Psaros, co-founder and co-managing partner of KPS. “The size and global scale of Speira, the quality of its assets, coupled with the breadth of its products and the technology and manufacturing capabilities of its people, form the foundation of a tremendous investment platform. The company will focus on sustainability, innovation, and new product development. We look forward to working together with Speira’s strong leadership team to create value and drive the company’s profitability and sustainability ambitions.”