Oleon nv to take over oleochemical activities of Norsk Hydro
Hydro Oleochemicals AS, in short HOC, a fully owned subsidiary of the Norwegian group Norsk Hydro, is the most important producer of oleochemicals in Scandinavia. At the same time it is one of the biggest European producers of special esters used for cosmetics.
HOC numbers 110 employees and is given a production capacity of approximately 40.000 tons per year in fatty acids and derivatives. Two thirds of the production is exported. HOC ‘s activities are extremely complementary to Oleon‘s, in both technology and marketing. Because of this acquisition, overall turnover of the Oleon-group will rise by 10% to nearly 10 billion BEF (250 million ¤). The HOC production facilities are located in the harbour of Sandefjord, about 120 km from Oslo, the capital of Norway.
Oleon’s first take-over fits well in the company strategy to realise quick external growth through acquisitions. The other objective : internal growth got its chance already earlier this year. In April, the decision was taken to invest 280 million BEF (6,9 million ¤) for an expansion with a new glycerine-refinery, followed in June by another 120 million BEF (3 million ¤) for a new office building, both at the Ertvelde site in Belgium.
The contract was signed on November 8, 2001. The agreement will now be submitted for approval to the competent authorities. The transition as such is foreseen by the end of the year.