On June 1, Hydro completed the sale of its rolling business area as part of a strategy that will strengthen its position in low-carbon aluminium, while exploring new growth areas.

"Hydro's ambition is to lift profitability and drive sustainability, creating value for all stakeholders. The sale of Rolling will strengthen our ability to deliver on our strategy, strengthening our position in low-carbon aluminium, while exploring new growth in areas where our capabilities match global megatrends," said Hydro President and CEO Hilde Merete Aasheim.

The transaction includes seven plants, one R&D center, global sales offices, and around 5,000 employees, of which 650 employees are in Norway and the remaining mainly in Germany. KPS Capital Partners is a well-regarded and operationally focused global private equity firm, with a history of holding significant interests in metals and automotive enterprises.