A.P. Moeller's Salvage Unit Acquires Dutch Wijsmuller Group

Thursday, May 31, 2001
Danish oil and shipping group A.P. Moeller's Svitzer tug and salvage unit said on Thursday it bought privately-owned Dutch Wijsmuller Group Holding for an undisclosed sum. Wijsmuller is one of the world's leading providers of harbor and terminal towage and salvage services, operating a fleet of over 150 vessels in 21 countries, with more than 1,000 employees.

Moeller's Svitzer group currently operates 72 vessels and employs 620 staff providing tug and salvage services in Denmark and Sweden, bulk transportation (tug and barge) throughout northern Europe and safety standard vessels and survey vessels primarily in the North Sea.

Svitzer would pay almost one billion Danish crowns ($113.6 million) for Wijsmuller, a sector source said.

"The combination of the global reach of Wijsmuller and Svitzer/Moeller's strength creates a unique platform to deliver future growth in the global marine services market," Wijsmuller officials said.

Closing of the transaction, which is targeted for early July, is conditional upon limited confirmatory due diligence and authorities' approval.

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