Norway: Havyard Increases Focus on the Fishing and Well Boat Industry

Havyard Group AS recently bought 70% of the shares in MMC. MMC has 120 employees and the company’s main office is at Mjølstadneset in Fosnavåg on the west coast of Norway. MMC and Tendos joined forces in 2000 and the products they deliver to fishing and well boats as well as shore-based receiving plants, have proved to be world-leading. With the acquisition Havyard has increased its focus on the fishing and well boat industry.

The management of Havyard Group is convinced that this acquisition will make both of the companies’ positions within the fishing and well boat industry much stronger. The remaining shares will be owned by the management of MMC and there will be few changes in the way the company is administrated.

ADDING VALUE TO COMMUNITIES

“We know MMC very well and we have used them as subcontractors on many of our projects. One of these is a new well boat of a Havyard 587 design to Fosnavaag Shipping AS. MMC’s products are world-leading and it is a company with many motivated and talented employees. We believe that buying MMC will make Havyard bigger within the fishing industry and we feel this is a step in the right direction,” says CEO in Havyard Group, Geir Johan Bakke.

Bakke emphasizes that the cooperation will add value to the communities where MMC and Havyard are established. “The skills and qualifications MMC and Havyard have together will give our customers even better and more competitive products. We are looking forward to develop our cooperation which will make Havyard and MMC’s position in the maritime industry even stronger,” says Geir Johan Bakke, who stresses that MMC will remain an independent company. “The biggest difference will be that the company now cooperates with Havyard, which will help to improve the positive development the company has had over the years,” Bakke adds.

After this acquisition by Havyard Group, which includes MMC and Norwegian Electric Systems AS where the company owns 70 % and 40 % respectively, now have almost 700 employees and expected turnover is around NOK 2 billion.

STRONGER TOGETHER

CEO of MMC, Leif Gjelseth, is very positive about the acquisition. “Havyard has had a very impressive development, and for us the company’s development is seen as an ‘industrial fairytale’. The group has leaders who have developed the company in an impressive way. Their management philosophy and Havyard’s way of thinking are elements we want to make use of in our company,” Gjelseth adds. “We are convinced that Havyard Group is the right company to develop MMC further. We also believe the acquisition will contribute to developing the products MMC are manufacturing, something that will be very positive for our customers,” Gjelseth says. He emphasizes that MMC are continuously growing, which is one of the reasons why it is important for the company to have a solid owner.

“This change will also make us more competitive in an exciting and demanding industry. I believe that Havyard and MMC together will make the maritime cluster even stronger,” says CEO Leif Gjelseth.

[mappress]

Press Release, November 15, 2012; Images: havyard