Schottel, Frydenbø Partner

Wednesday, May 16, 2007
With effect from March 31, 2007, 15% of the shares in the SCHOTTEL Group have passed from former Chairman Dietrich W. Bork to Frydenbø Industri AS.

Frydenbø Power AS, a subsidiary of Frydenbø Industri AS, is a long-standing sales partner of SCHOTTEL in Norway. With the remaining shares in the company being held by the founder’s family, SCHOTTEL has thus found a fitting strategic partner with long-term perspectives. With strong agencies and subsidiaries in all the major shipping centres, SCHOTTEL has always maintained a local presence in the vicinity of its market.

The SCHOTTEL Group, based in Spay am Rhein, Germany, ended the 2006 business year with consolidated group sales of about 150 million Euros (2005: 120 million Euros). This excellent result underscores the strong market position of this medium-sized company, which builds marine propulsion and manoeuvring systems with power ratings of up to 30 MW for vessels of all types and sizes.

“In the coming years we shall continue to grow on the strength of our capabilities”, asserts Managing Director Prof. Dr. Gerhard Jensen. In the course of this year, a new production shop is to be built in China, as well as a new warehouse in Wismar. Further investments are planned for the following years. The firm foundation for this growth is the exceptionally high level of orders on hand in all business segments.

For the Frydenbø Group the acquisition is part of an international strategy for their industry subsidiary, Frydenbø Industri AS. “Not only will the cooperation and part ownership of the SCHOTTEL group be a step towards a stronger international presence for our company, it will also strengthen our focus on production”, says Knut Herman Gjøvaag, chief executive and owner of the Frydenbø Group.

Frydenbø Industri is one of the largest suppliers of diesel engines, generating sets and propeller equipment in Norway, with a strong position within sales, service, after sales and part deliveries. “Being directly involved in production is a natural step for the future development of our company. We are happy to have strengthened the ties with the SCHOTTEL Group”, Gjøvaag explains.

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