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Samskip to acquire Nor Lines AS to bolster logistics, transport activities in Norway
SAMSKIP plans to acquire Nor Lines AS, in an effort to strengthen the company's shipping, logistics and transport activities in Norway. The takeover, which is subject to approval by Norway's competition authorities, will add EUR110 million (US$127.8 million) to Samskip's annual turnover, according to company estimates.
"The Nor Lines takeover represents a major opportunity for Samskip," chief executive officer of Samskip Logistics, Asbjorn Gislason, was quoted as saying in a report by American Shipper.
"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."
Nor Lines is based in Stavanger and handles terminal activities, warehousing and haulage services. Five of its seven multi-purpose vessels will be transferred under a time charter arrangement to Samskip. Nor Lines will continue to operate under its brand name, said Samskip.
"The Nor Lines takeover represents a major opportunity for Samskip," chief executive officer of Samskip Logistics, Asbjorn Gislason, was quoted as saying in a report by American Shipper.
"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."
Nor Lines is based in Stavanger and handles terminal activities, warehousing and haulage services. Five of its seven multi-purpose vessels will be transferred under a time charter arrangement to Samskip. Nor Lines will continue to operate under its brand name, said Samskip.
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