According to the news on the website of Hyderabad on August 4, hydro signed an agreement with Rupert fertinger. Under the agreement, fertinger will acquire Hydro’s welded pipe business in Remscheid, Germany.
Remscheid has 124 employees and hydro plans to close Remscheid by the end of the year. The terms signed by both parties contain the main transaction terms of the sale business, and the transaction is expected to be completed on October 1, 2020. In the deal, fertinger will take over most of the staff and the deal will ensure that deliveries continue to be made to customers of Remscheid in Hyderabad.
Erik Fossum, President of hydro precision tubing, said, “we are pleased to have an agreement with fertinger to keep the Remscheid facility operating. We believe that the deal is a good solution for remcheid’s employees and for remcheid’s customers in Hyderabad. “