Hydro to Sell Pronova Biocare
23 December 2003 - 7:58PM
PR Newswire (US)
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/
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