18 May 1999 13:54 [Source: ICIS news]
LONDON (CNI)--Norsk Hydro announced Tuesday it has agreed to sell its alginates business, Pronova Biopolymer (PB), to US company FMC Corp in a deal that could deliver about NKr900m ($117m/Euro110m) in profits to the group.
The sale, which is expected to be completed in six to eight weeks, is subject to conditions including approval by the Norwegian Ministry of Industry and Trade. Norsk Hydro said the divestment is part of its goal of focusing on core activities.
PB is part of Norsk Hydro subsidiary Pronova AS. It produces alginates for the pharmaceutical and food industries and industrial applications. Norsk Hydro said the PB alginates business "had not formed a natural part" of its energy-based activities.
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