The Kaunas plant has approximately 170 employees at two locations in Kaunas and operates as a fabrication unit mainly for Hydro’s extrusion plants in Sweden and Denmark.

Hydro sells 100 percent of its shares in the subsidiary, together with all rights and obligations. All employees remain in the new company, which will continue to be led by the current managing director Paulius Velicka.

“We strongly believe that for our colleagues in Kaunas this change represents the best guarantee of a good future under a new owner. They will continue to work in a solid and well managed company with possibilities to grow in the coming years. I wish all of our colleagues the best of luck in the new company,” says Bruno D’hondt, Senior Vice President and Head of Extrusion Europe.

Closing of the sale is expected to take place by the end of first quarter 2024.