Kotug, Boskalis sign merger MoU
Kotug International said that it has signed a memorandum of understanding with Royal Boskalis to merge their European harbour towage operations.
This partnership involves a 50/50 joint venture between Kotug and Smit, a wholly-owned subsidiary of Boskalis. The geographic scope of the venture covers the European Harbour towage market which relates to Kotug’s existing harbour towage activities in the Netherlands, Germany and the UK and Smit’s harbour towage activities in the Netherlands and Belgium.
The combination will create a provider of harbour towage services in North West Europe active in 11 ports and 4 countries with a fleet of approximately 60 harbour tugs, generating a total turnover of about 150 million Euro. Besides operational synergies the joint venture will strengthen the market position of both companies.
Press Release; Image: Kotug