Company Profile: Hydro

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(CNN) -- Norsk Hydro-Elektrisk Kvaelstofaktieselskap was founded in 1905 by Norwegian engineer and industrialist Sam Eyde and scientist Kristian Birkeland.

The company, known since 1969 simply as, Hydro, engages in the development, production, and supply of oil, gas and hydropower and is currently the second largest oil and gas operator on the Norwegian continental shelf and the third largest integrated aluminum company worldwide.

As well as having production fields in Norway the company also has operations in 40 different countries including Angola, Canada, Russia, and Libya.

Its activities also include the production and sale of aluminum, including the processing of scrap and ingot for mid-and downstream markets.

Much of the company's aluminum is supplied to the building, construction, and transportation industry sectors with its products sold primarily in Germany, France, the United Kingdom, Italy, Spain, and the U.S.

On December 18, 2006 Statoil and Hydro announced initial plans towards a merger deal that would create the world's largest off shore oil and gas operator. Upon completion, Statoil-Hydro would have a total output of 1.9 million barrels per day.

The deal is expected to be completed some time in the third quarter of 2007 -- pending shareholder approval -- with the name of the new company still to be decided.

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