Hydro Seafood sale complete
(July 6, 2001) Hydro Seafood GSP Ltd. in Scotland will be sold to two Norwegian companies, completing the divestment of the Hydro Seafood business.
Hydro has concluded an agreement with Lerøy Seafood Group ASA and SalMar AS for the sale of the UK-based Hydro Seafood company, Hydro Seafood GSP Ltd. (GSP). This transaction involves Hydro Seafood's operations in mainland Scotland and in the Shetlands.
The UK Department of Trade and Industry said last December that it could not approve the sale of the Scottish operations to Netherlands-based Nutreco, so a search began for other buyers.
The sale of GSP to Lerøy and SalMar does not affect the total payment received by Norsk Hydro for Hydro Seafood. The earnings generated by this part of the Hydro Seafood transaction are expected to be accounted for in the third quarter 2001. The pre-tax gain is expected to be approximately NOK 400 million (EUR 50 million).
In the fourth quarter 2000, Hydro booked a pre-tax gain of NOK 1,609 million for the sale of Hydro Seafood's operations outside the UK. The total sales price for all of Hydro Seafood's operations was NOK 3.8 billion and generated pre-tax earnings of approximately NOK 2.0 billion.