Norway’s aluminium titan Norsk Hydro ASA announced this week that it has acquired aluminium window, door, and façade systems producer Hueck’s building systems and extrusion business in Germany.
According to the firm, the deal has an enterprise value of €60.3 million after adjusting for net debt and normalized working capital. Hydro says the purchase will enhance its stake in the German market and enable both businesses to continue growing.
In 2021, Hueck boasted a revenue of €172 million and an EBITDA of €12.8 million. Hydro notes that the firm’s 12” and 8” extrusion presses will nicely compliment Hydro’s operations in Germany, which include production of WICONA brand building systems. Currently Hydro’s extrusion profile on the continent has an annual capacity of 50 thousand metric tons.
Executive Vice President of Hydro Extrusions, Paul Warton, said in a press release that the deal has advantages for both parties.
“Hueck is well positioned in Germany to serve the European building systems and extrusions market, and will fit well into Hydro Extrusions. The acquisition will strengthen our ability to provide a quality service offering to European customers with an even broader product range.”
“Hydro Extrusions’ focus is on sustainability, local supply and a high service level,” Warton continued. “The acquisition will complement this along with having the best people, and a focus on their safety and the quality of the products they deliver. Together, we believe we can be the partner our customers need to reach their goals.”
Norsk Hydro, which was founded in 1905, financed by the Swedish Wallenberg family and French banks, began its life named Norsk hydro-elektrisk Kvælstofaktieselskab (literally, “Norwegian hydro-electric nitrogen limited”) by Sam Eyde. The Norwegian government owns approximately 40% of the company at the present time. Norsk Hydro is one of the largest aluminium companies in the world, with plants in Rjukan, Raufoss, Vennesla, Karmøy, Høyanger, Årdal, Sunndalsøra, and Holmestrand. Norsk also has several plants abroad.
