Norsk Hydro ASA has entered into an agreement to sell its Rolling business to KPS Capital Partners (“KPS”). The acquisition has now closed and, as of today, Hydro's Rolling business becomes a standalone company under KPS ownership. The name of the new company is Speira.

Speira operates seven manufacturing facilities and an R&D center across Germany and Norway, including Alunorf, the world´s largest aluminium rolling mill, and Grevenbroich, the world´s largest rolled aluminium finishing mill. Speira employs around 5,000 people principally in Germany and Norway.

Einar Glomnes appointed CEO of Speira
Einar Glomnes (pictured), who led Hydro's Rolling business as Executive Vice President, continues to lead Speira as the new CEO with the support of the existing senior management team.

“I am very pleased about this milestone and the beginning of this new chapter for our company. We have an exciting transformation journey ahead and the clear ambition to be a highly profitable, leading player and the industry benchmark in sustainability,” says Einar Glomnes, CEO of Speira. “We have everything we need to achieve our ambitions. We have the assets and we have the best people. We will use our best-in-class rolling and recycling capabilities to serve our customers with high-quality low-carbon products and solutions.”

Focus on safety, sustainability, and increased agility
KPS, Speira’s new owner, is a leading global private equity firm with a successful history of owning large global metals and automotive enterprises.

“We intend to transform Speira into the world’s leading aluminium company. The size and global scale of Speira, the quality of its assets, coupled with the breadth of its products and the technology and manufacturing capabilities of its people, form the foundation of a tremendous investment platform. The company will focus on sustainability, innovation, and new product development. We look forward to working together with Speira’s strong leadership team to create value and drive the company’s profitability and sustainability ambitions,” said Michael Psaros, Co-Founder and Co-Managing Partner of KPS.

Beginning of a new chapter
Speira’s growth journey builds on more than one century of aluminium rolling and recycling experience and technical expertise. Coupled with a strong entrepreneurial mindset and increased agility in the market, this marks the start of a new chapter for the company and its customers. “Our customers appreciate our reliability and the consistency of our product quality. As a standalone company we aim to push the boundaries of reliability, quality, and innovation even further,” says Einar Glomnes.