Norsk Hydro, the Norwegian oil and energy, light metals and plant nutrition group, has signed an agreement to transfer its aluminium foam process technology to Cymat, a Canadian materials technology company. As payment Hydro will receive 3,25 million shares in Cymat (CDNX :YFO), representing a profit before tax of approximately NOK 85 million in the first quarter of 2001.
The aluminium foam technology was developed inside the research and development activities in Hydro Aluminium Metal Products. However, since production of aluminium foam is not regarded as a core business area for Hydro Aluminium, it has been decided to sell this technology to the Cymat. Hydro Aluminium Metal Products will be represented at the board of directors of Cymat.
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.