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Hydro to Sell Pronova Biocare
OSLO, Norway, Dec. 23 /PRNewswire-FirstCall/ -- Norsk Hydro has entered into an
agreement with the Norwegian industrial company Ferd concerning sale of 80.1% of
the wholly owned subsidiary Pronova Biocare.
Pronova Biocare is world leading in development, production and sales of marine
Omega-3 fatty acids. There are three equal business areas: Drugs, consumer
brands and industry sales. Pronova Biocare has production facilities at
Sandefjord and Alesund, Norway, main markets are EU and USA. The company has
developed Omacor, the first drug entirely developed in Norway. It is based on
Omega-3 and holds approval in several European countries for medical treatment
of myocardial infarction and other cardiovascular diseases. The company is in a
period of strong growth.
The divestment is in line with Hydro's strategy of focusing on core activities.
The sales proceeds from the shares amounts to NOK 165 million. The transaction
is expected to result in a pre-tax gain of approximately NOK 100 million.
Certain statements in this press release are or may constitute "forward-looking"
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not in the nature of historical facts may be deemed to
be forward-looking statements and may contain identifying words such as
"believes", "anticipates", "plans", "expects" and similar expressions. These
forward looking statements are based on Hydro's current expectations,
assumptions, estimates and projections about the company and the industries in
which it engages in business. All forward-looking statements involve risks and
uncertainties. For a detailed description of factors that could cause Hydro's
actual results to differ materially from those expressed in or implied by such
statements, please refer to its annual report on Form 20-F for the year-ended
December 31, 2002 and subsequent filings on Form 6-K with the U.S. Securities
and Exchange Commission. With respect to each non-GAAP financial measure Hydro
uses in connection with its financial reporting and other public communications,
Hydro provides a presentation of what Hydro believes to be the most directly
comparable GAAP financial measure and a reconciliation between the non-GAAP and
GAAP measures. This information can be found in Hydro's earnings press
releases, quarterly reports and other written communications, all of which have
been posted to Hydro's website (http://www.hydro.com/).
DATASOURCE: Norsk Hydro
CONTACT: Kristin Brobakke of Norsk Hydro ASA, +47-22-53-27-44, or
cellular, +47-91-84-06-81, or , or fax,
+47-22-53-27-25
Web site: http://www.hydro.com/