Tennor Holding Acquires Germany’s Flensburger Schiffbau-Gesellschaft
- Business & Finance
Germany’s shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) has been acquired by the investment company Tennor Holding.
Following the acquisition of all remaining shares in FSG from Siem Europe, Tennor Holding has become the sole owner of the Flensburg-based shipyard.
In February of this year, Tennor — formerly Sapinda Holding — became the principal shareholder in the business. Tennor then agreed to purchase 76% of the shares in FSG. As explained, the investment has been part of FSG’s reorganization aimed at ensuring the continuation of the shipyard’s business operations.
Siem Europe first became a shareholder in FSG in September 2014 and over the past five years has been the main purchaser of vessels produced at the yard, which has included the construction of eight large roll-on/roll-off (RoRo) vessels.
On August 30, 2019, FSG handed over the seventh RoRo newbuilding to Siem. Named Leevsten, the 32,887 GT ferry features a length of 209.8 meters and a width of 26 meters.
The eighth ship currently being built for Siem is scheduled to be launched at the end of October this year, according to FSG.