The Hannover casthouse is focused on special aluminium alloys, mainly hard alloys for the aerospace industry.
Through the agreement, IQ Industrial Holding will acquire 100% of the shares in Hydro Giesserei Hannover GmbH.
The Hannover casthouse was taken over by Hydro through the acquisition of VAW aluminium AG in 2002 and is considered non-core business. The casthouse supplies its hard alloy products mainly to a customer located wall-to-wall.
The Hannover casthouse has around 30 employees and produced approximately 12,000 tonnes of aluminium products in 2013.
The transaction is expected to close during the second quarter of 2014.