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Norsk Hydro Asa: Agreement
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Yesterday, Norsk Hydro and BASF, the German industrial conglomerate, signed an agreement whereby BASF will purchase the feed additive Formi. At the same time the two companies signed a production agreemnt whereby Hydro will produce Formi for BASF over a 15 years' period. This agreement is expected to provide Hydro with income in the order of NOK 1 billion over the contract period.
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Reuters reported that Norsk Hydro ASA has extended a partnership with Australian mining group United Minerals Corporation to recover bauxite and produce alumina in Australia. The agreement gives Hydro a 75% share in the partnership. The agreement is an extension of the exploration and trial drilling cooperation entered into on May 14, 2007.
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- Executive VP Cecilie Ditlev-Simonsen is leaving her position with Norsk Hydro. According to acting board chairperson, Elisabeth Grieg, an agreement was signed by both Grieg and Ditley-Simonsen in which an acceptable solution was reached.
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