SAMSKIP CLEARED FOR MAJOR ACQUISITION WITH NOR LINES TAKEOVER

Samskip has recently been cleared for its acquisition of activities associated with Nor Lines AS, in a major expansion of its shipping, transport and logistics businesses in Norway.  The Norwegian Competition Authority has found that Samskip’s acquisition of activities associated with Nor Lines AS would not result in a significant impediment to effective competition.

Samskip has agreed with the DSD Group to acquire the activities of Nor Lines to expand its shipping, transport and logistics businesses in Norway.  This will generate an average annual turnover of €110 million.

The Nor Lines takeover represents a major opportunity for Samskip.  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 very pleased that the Norwegian Competition Authority has cleared the Nor Lines takeover. It represents a major opportunity for Samskip; a natural but significant extension of our shipping and logistics activities in Norway to further broaden our customer offerings.

Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics

The Rolls-Royce Marine-designed vessels, delivered in 2015, eliminate NOx emissions, minimise SOx emissions and, in per ton/km terms, produce 70% lower CO2 emissions than the equivalent truck freight move. Overall, they are 65% more energy-efficient than a ship running on conventional marine fuel. This will be a welcome change to anyone within the ocean freight industry and there are clear advantages to this move.

Samskip’s presence in Norway has been significantly strengthened over the past years through internal growth and several acquisitions. Samskip’s combined annual turnover after the Nor Lines takeover will make it a major player in the Norwegian market.

2017-11-07T11:32:19+00:00 November 7th, 2017|Industry News, M&A Focus|