Norsk Hydro, the oil and energy, light metals and agri group, has signed a 50/50 JV Agreement with the Belgian company NutriSI (owned 50% by SQM of Chile and 50% by Rotem of Israel) to establish a joint production company for speciality fertilizer. The name of the JV company will be NU3 N.V, and it will be a combination of Hydro's production of water soluble NPK and speciality liquids at Vlaardingen, Holland and the NutriSI plant in Grobbendonk, Belgium. 41 employees currently with Hydro in Vlaardingen will be transferred to the new company, which will have a total staff of about 75.
The agreement to establish the new company has been approved by the EU Competition authorities, and the new company will be in operation from January 15, 2002.
The new company's products will be marketed by SQM and Hydro in accordance with recently established agreements.
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, 1999 and subsequent filings on Form 6-K with the U.S. Securities and Exchange Commission.