October 30, 2001 -- Norsk Hydro ASA, Norway's largest industrial company with operations in light metals, oil and energy and plant nutrition, today announced that it has entered into an agreement to acquire Technal group in Toulouse, France from a fund advised by Monitor Clipper Partners, Inc., based in Cambridge (USA). Norsk Hydro will pay approximately €73 million for the equity of the Technal group, and will assume financial debt of approximately €43 million. Final approval of the transaction is required from the regulatory authorities.
The Technal group is a major European player within aluminium building systems and the no.1 in France. The group designs, manufactures and markets a broad range of building systems which are used in the fabrication of a variety of products such as doors, windows, conservatories, etc. The Technal group has a presence throughout Western Europe including France, Spain, Portugal and the UK, as well as export and licensees all over the world. The Technal group has annual turnover of € 250 million and approximately 1560 employees.
Hydro Building Systems is part of Hydro Aluminium Extrusion, the leading soft alloy aluminium extruder in Europe and no.2 worldwide, with businesses throughout Europe, Latin America and the United States and joint ventures in Asia and Africa. Hydro Aluminium Extrusion is a division within the Light Metals Business segment of Norsk Hydro ASA.
"We are very pleased that the Technal group joins our group of worldwide aluminium building systems operations," says Jan Fredrik Meling, Executive Vice President of Hydro Aluminium Extrusion and head of Hydro Building Systems, "the Technal group brands, with their excellent reputation, ideally complement our WICONA and DOMAL brand range as well as our geographical spread. It is our intention to maintain our decentralised business concept and run the Technal group brands in parallel to our existing Wicona and Domal brands. With the integration of the Technal group, Hydro Building Systems will be the worldwide leader in building systems based on aluminium extrusions, with over 3200 employees and operations in more than 20 countries."
"The integration of the Technal group and its brands - TECHNAL and AS- within Hydro Building Systems is a tremendous opportunity to accelerate the development of the group engaged over the last two years" said Patrick A. Tanguy, Chairman of the Executive Committee of the Technal group". Indeed, Hydro Building Systems is among the market leaders in Germany and Italy, two of the most competitive markets in Europe, where the Technal group is not present. In addition, the global presence of Hydro will allow us to accelerate the development of the combined operations outside Europe."
For further information on Hydro Aluminium Extrusion, its parent organisation and its companies, see its internet site: www.aluminium-extrusion.hydro.com.
For further information on the Technal group see its internet site: www.technal.fr
Contact person at Hydro Aluminium Extrusion headquarters in Lausanne, Switzerland:
Vagn Grønbjerg, Director Market Communications