Samskip Scoops up Nor Lines
(Photo: Samskip)
(Photo: Samskip)
(Photo: Samskip)
European multimodal transport provider Samskip said it will acquire activities associated with Nor Lines AS, marking 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 €110 million ($128.2 million).
With its head office in Stavanger, Nor Lines is a diversified logistics business offering domestic and international services. 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 operate under the Nor Lines brand name.
“The Nor Lines takeover represents a major opportunity for Samskip,” said Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics. “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.”
Samskip said its presence in Norway has been ramped up over the past years through internal growth and several acquisitions. Samskip now transports around 90,000 TEU a year between Norway and Northern Europe, a volume it aims to further increase through the Nor Lines acquisition. The frigoCare (fully owned by Samskip) cold store and terminal in Aalesund serves an important hub in both Samskip’s container system and Nor Lines vessel system. Samskip also owns a 50 percent share in Bergen based Silver Sea AS, which operates a fleet of 14 reefer vessels. Samskip’s combined annual turnover after the Nor Lines takeover will make it a major player in the market.
“We are pleased to complete our divestment of Nor Lines and entrust the business to Samskip, in a strategic solution for a specialized business that needs to be part of a larger structure to develop and thrive. We believe that Samskip will be a good home for Nor Lines, and a good solution for our employees and customers,” said Ingvald Løyning, Chief Executive of DSD.
