Samskip to Expand Norway Presence with Nor Lines Takeover
- Business & Finance
Rotterdam’s transportation firm Samskip plans to acquire activities associated with Norwegian shipping and logistics company 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 generate an average annual turnover of EUR 110 million (USD 128 million).
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 to operate under the Nor Lines brand name.
“The Nor Lines takeover represents a major opportunity for Samskip,” Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics, said.
“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,” Gíslason added.
Samskip has strengthened its presence in Norway over the past years through several acquisitions. The company now transports around 90,000 TEUs a year between Norway and Northern Europe.
The shipping firm also owns a 50% share in Bergen based Silver Sea AS, which operates a fleet of 14 reefer vessels.