Norwegian aluminium maker Norsk Hydro has agreed to sell its underperforming Rolling division to private equity firm KPS Capital Partners for 1.38 billion euros ($1.65 billion), Hydro said on Friday.

The division, which turns aluminium slabs into metal sheets used for packaging, automobiles and drinks cans among other products, had been under review since Hilde Merete Aasheim became Hydro’s chief executive in May 2019

“The sale of Rolling will strengthen our ability to deliver on our strategy, strengthening our position in low-carbon aluminium while exploring new growth in areas where our capabilities match global megatrends,” Aasheim said on Friday.

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Souce: Reuters