Hydro Extrusions to Sell Kaunas Plant, Ensuring Employee Continuity

Hydro Extrusions to Sell Kaunas Plant, Ensuring Employee Continuity

(IN BRIEF) Hydro Extrusions has announced an agreement to sell its fabrication unit in Kaunas, Lithuania, to VE Invest UAB. The Kaunas plant, with approximately 170 employees, serves as a fabrication unit for Hydro’s extrusion plants in Sweden and Denmark. Under the new ownership, all employees will remain in the company, led by the current managing director, Paulius Velicka. The sale, expected to close by the end of the first quarter of 2024, ensures continuity for employees and provides opportunities for future growth and development within the new organization.

(PRESS RELEASE) OSLO, 19-Mar-2024 — /EuropaWire/ — The Kaunas plant has approximately 170 employees at two locations in Kaunas and operates as a fabrication unit mainly for Hydro’s extrusion plants in Sweden and Denmark.

Hydro sells 100 percent of its shares in the subsidiary, together with all rights and obligations. All employees remain in the new company, which will continue to be led by the current managing director Paulius Velicka.

“We strongly believe that for our colleagues in Kaunas this change represents the best guarantee of a good future under a new owner. They will continue to work in a solid and well managed company with possibilities to grow in the coming years. I wish all of our colleagues the best of luck in the new company,” says Bruno D’hondt, Senior Vice President and Head of Extrusion Europe.

Closing of the sale is expected to take place by the end of first quarter 2024.

Media Contact:

Jacob Nielsen
Director Communication, Hydro Extrusions
jacob.nielsen@hydro.com
+47 903 65 216

SOURCE: Norsk Hydro ASA