According to a report on Monday, March 18, Hydro Extrusions has signed an agreement to sell its fabrication unit in Kaunas, Lithuania, to VE Invest UAB.
Hydro’s Kaunas plant primarily operates as a fabrication unit for Hydro’s extrusion plants in Sweden and Denmark. The plant has approximately 170 employees.
As per the agreement signed, Hydro will sell 100 per cent of its shares to VE Invest UAB, with all rights and obligations. The employees will continue working the organisation under the leadership of Paulius Velicka, the current managing director.
Bruno D’hondt, Senior Vice President and Head of Hydro Extrusion Europe commented: “We strongly believe that for our colleagues in Kaunas this change represents the best guarantee of a good future under a new owner. They will continue to work in a solid and well managed company with possibilities to grow in the coming years. I wish all of our colleagues the best of luck in the new company.”
The sales process is expected to end by first quarter of 2024.
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