-- Global Leader in Aluminum Rolling to Become Independent Company

-- KPS to Leverage Successful Track Record Investing in Metals to Accelerate 
Growth

KPS Capital Partners, LP ("KPS") today announced that it has signed a 
definitive agreement to acquire the global aluminum rolling business ("Rolling" 
or the "Company") from Norsk Hydro ASA (NHY.OL, "Hydro") for (EUR)1.38 billion 
(approximately $1.67 billion). Completion of the transaction is expected 
mid-year 2021 and is subject to customary closing conditions and approvals.

Logo - https://mma.prnewswire.com/media/1023167/KPS_Logo.jpg 

The Company is one of the largest global manufacturers of aluminum rolled 
products, serving customers across a diversified set of end-markets including 
beverage can, automotive, foil packaging, and building and construction. The 
Company's assets consist of seven manufacturing facilities and one R&D center 
across Germany and Norway, including Alunorf, the world's largest aluminum 
rolling mill, and Grevenbroich, the world's largest rolled aluminum finishing 
mill. The Company employs approximately 5,000 employees mainly in Germany and 
Norway.

Michael Psaros, Co-Founder and Co-Managing Partner of KPS, said, "The size and 
global scale of the Rolling business, the quality of its assets, coupled with 
the breadth of its products and technology capabilities, form the foundation of 
a tremendous investment platform. KPS Partner Kyle Mumford will lead a KPS team 
who will work closely with the Company's management team to accelerate growth 
opportunities driven by substantial investment in the Company's assets and 
operations. Our focus will be on innovation and new product development. We 
look forward to creating value by leveraging KPS' very successful, multidecade 
experience investing in the metals and automotive industries."

Einar Glomnes, Executive Vice President of Rolling said, "We are excited to 
operate under KPS' ownership as an independent company. This is a great day for 
all stakeholders of our Rolling business, especially our customers and 
employees. KPS has a demonstrated track record of creating and building 
industry-leading companies, and has enjoyed tremendous success investing in the 
metals and automotive industries. KPS' global reach, commitment to 
manufacturing excellence and safety and significant financial resources will 
enable our company to accelerate growth and invest in industry-leading 
technologies, while maintaining our focus on quality and customer service."

Perella Weinberg Partners acted as advisor and Paul, Weiss, Rifkind, Wharton & 
Garrison LLP served as legal counsel to KPS and its affiliates. Goldman Sachs 
acted as advisor and Clifford Chance LLP served as legal counsel to Hydro.

About Rolling
Rolling is a leading manufacturer of advanced rolled aluminum products, 
producing approximately one million tonnes per year, with over a century of 
experience. Rolling operates seven manufacturing plants, an R&D center, nine 
sales offices globally, and has approximately 5,000 employees mainly across 
Germany and Norway. Rolling is proud to serve some of the most well-known 
brands in the automotive, packaging, printing, engineering, building and 
construction industries.

About Hydro
Hydro is a leading industrial company that builds businesses and partnerships 
for a more sustainable future. The company develops industries that matter to 
people and society. Since 1905, Norway-based Hydro has turned natural resources 
into valuable products for people and businesses, creating a safe and secure 
workplace for its 34,000 employees in more than 140 locations and 40 countries. 
Today, Hydro owns and operates various businesses and has investments with a 
base in sustainable industries. Hydro is, through its businesses, present in a 
broad range of market segments for aluminum, energy, metal recycling, 
renewables and batteries. Hydro is committed to leading the way towards a more 
sustainable future, creating more viable societies by developing natural 
resources into products and solutions in innovative and efficient ways.

About KPS Capital Partners 
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with over $12.3 billion 
of assets under management (as of December 31, 2020). For nearly three decades, 
the Partners of KPS have worked exclusively to realize significant capital 
appreciation by making controlling equity investments in manufacturing and 
industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing. KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage. The KPS Funds' 
portfolio companies have aggregate annual revenues of approximately $10.6 
billion, operate 159 manufacturing facilities in 22 countries, and have 
approximately 34,000 employees, directly and through joint ventures worldwide. 
The KPS investment strategy and portfolio companies are described in detail at 
www.kpsfund.com.

SOURCE: KPS Capital Partners, LP