Hydro Aluminium is set to close five European extrusion plants in an attempt to consolidate its operations within the continent.
The company stated the closures will affect 730 employees.
Eivind Kallevik, CEO of Hydro, said: “The reality in the European market requires decisive action. Decisions like this never come easy, but they are necessary.
“We will carry out the process with full focus on safety, and with a commitment to treat everyone affected fairly and with respect,
“We will continue to have a strong presence in the European markets, and we are determined to serve our customers with dedication and a high service level.”
The plants affected are:
- Cheltenham, UK
- Bedwas, UK
- Lüdenscheid, Germany
- Feltre, Italy
- Drunen, Netherlands
The sites set for closure contain a combined total of eight extrusion presses, three recycling units, and various added value processes.
The total restructuring cost is estimated to reach 1.9 billion NOK (~$186m).
After the proposed changes Hydro will have 28 extrusion plants and five recycling facilities in Europe.
