As Reuters informs, this acquisition indicates a new direction for the company, which is considered a giant it the shipping industry.

The parties have not revealed the price of the deal, but A.P. Moller Holding will acquire KK Group, which is mainly active through KK Wind Solutions.

GET THE SAFETY4SEA IN YOUR INBOX!

Commenting on the agreement, chief investment officer of A.P. Moller holding, Jan T. Nielsen, highlighted that Denmark is among the leading hubs for the wind industry globally, as it also has significant global growth potential.

The acquisition is now subject to approval from the relevant Danish and German authorities, and is expected to be finalized in the third quarter of 2019.

KK Wind Solutions provides electronic systems to wind turbine companies, such as Siemens Gamesa, Vestas and GE Renewables. In 2018, the company has provided sales of 1.6 billion Danish crowns ($240 million).