In the context of its shipping, transport and logistics businesses expansion in Norway, Samskip has agreed with the DSD Group to acquire the activities of Nor Lines, which generate an average annual turnover of €110 million.
The transaction, subject to approval by Norway’s competition authorities, 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.
Ásbjörn Gíslason, Chief Executive Officer, Samskip Logistics, stated: “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 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.
“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” said Ingvald Løyning, Chief Executive of DSD.
