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Norsk Hydro ASA and Serenity Sign Agreement for Possible Restart of Magnesium Production at Heroya

Wednesday, 3 Jul 2013 08:00pm EDT 

Norsk Hydro ASA announced that the Company and Serenity Capital Pte. Ltd have signed an agreement that could lead to Serenity‚Äôs Norwegian subsidiary SilMag International AS restarting magnesium production at Heroya, Norway. Under the agreement, Hydro, which closed down its magnesium production there in 2002, will provide production assets and technology, as well as lease of land and other infrastructure at the Heroya Industrial Park, which is a fully owned subsidiary of Hydro. The agreement is conditional on Serenity securing necessary financing to fund the project. Hydro's history at Heroya started in 1928, when the company began producing fertilizer, and later PVC and magnesium. The magnesium production ceased in 2002, while the fertilizer business was demerged in 2004, creating Yara as a stand-alone global fertilizer giant. With the divestment of Hydro Polymers in 2008, Hydro had no remaining industrial production at Heroya. 

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