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Samskip makes major Norwegian acquisition with Nor Lines takeover
Samskip has announced that it will acquire activities associated with Nor Lines AS, in a major expansion of its shipping, transport and logistics businesses in Norway.
Subject to approval by Norway’s competition authorities, Samskip has agreed with the DSD Group to acquire the activities of Nor Lines, which generates an average annual turnover of €110 million.
With its head office in Stavanger, Nor Lines is a diversified logistics business offering domestic and international services. The transaction includes terminal activities nationwide, warehousing and haulage services, while five out of seven multi-purpose vessels will be transferred under a time charter arrangement to Samskip. It also brings 170 employees, based in 14 locations throughout Norway. Post-acquisition, activities will continue operate under the Nor Lines brand name.
“The Nor Lines takeover represents a major opportunity for Samskip,” says Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics. “It is a natural but significant extension of our shipping and logistics activities in Norway which will further broaden our customer offerings. Nor Lines’ financial performance has been disappointing in recent years, but we are confident that by combining our respective strengths and refocusing the business we will create synergies, improve efficiency and provide customers with enhanced services.”
“We are pleased to complete our divestment of Nor Lines and entrust the business to Samskip, in a strategic solution for a specialized business that needs to be part of a larger structure to develop and thrive. We believe that Samskip will be a good home for Nor Lines, and a good solution for our employees and customers,” says Ingvald Løyning, Chief Executive of DSD.
For further information please contact:
Eva Rademaker-de Leeuw
Tel: +31 88 400 1174
Publication date: 8/7/2017
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