11 March 1999
Norsk Hydro targets Europe

NORSK HYDRO plans to beef up its agriculture operations in Europe in an attempt to restore profits in its largest and worst performing business.

A restructuring will involve 700 job losses and cost Nkr1.5 billion (£118m).

Norsk is making the move after suffering a 28% fall in 1998 profits. The fertiliser, energy, metals and chemicals conglomerate plans to realise NKr1.5bn of the identified NKr2.5bn in operating profit improvements by the end of 2001 within the business Hydro Agri Europe.