Wilhelmsen Acquires Unitor

Monday, June 20, 2005
Wilh. Wilhelmsen ASA (WW) reached agreement to acquire 90.4 per cent of the shares in Norway's Unitor group. This acquisition accords with WW's strategy of developing its Wilhelmsen Maritime Services (WMS) subsidiary into a leading global player in the maritime services sector.

The deal has been concluded with Unitor's principal shareholders - Umoe Industri AS, the Norwegian National Insurance Scheme Fund and Odin Forvaltning. Their holdings corresponds to 90.4 percent of the outstanding shares in the company, and the agreed price is $11.36 (NOK 73.50) per share. This deal allows WW to secure the rest of the Unitor shares. The total purchase price for all the stock will be just over $2.2 billion (NOK 1.4 billion).

The acquisition can be finalized once the necessary approvals are secured from the competition authorities in countries where Unitor and the WW group have activities of some size.

"This is a strategically appropriate acquisition for us," says Ingar Skaug, group president and CEO of WW. "WMS has ambitions of taking a leading role in the maritime service industry. Unitor complements its range of services, and substantially expands the potential customer base. This purchase will provide considerable synergies."

WMS aims to become the leading global network for the sale of products and services to the maritime industry. Through its Barber International and Barwil companies, it covers technical management and maintenance of vessels, crewing and agency services and is currently represented by 282 offices in 66 countries.

Unitor delivers products and services to ships in service, as well as equipment and systems for fire protection, safety, incineration and insulation to the global shipbuilding industry. Its network comprises 70 directly-owned offices and 154 agents in 75 countries.

"Unitor will strengthen our ability to secure a leading role in the further development of the maritime service industry," says Dag Schjerven, president of WMS. "We are creating a unique global network for the fleet in service. This also represents a good Norwegian industrial solution."

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Costa Concordia: Operations to Tow the Wreck Begin

Maneouvres began early on Wednesday to remove the rusty hulk of the Costa Concordia cruise liner from the Italian island where it struck rocks and capsized two years ago, killing 32 people.

Thai Resort Owners Sue State Owned Company for Oil Spill

Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,

Bahrain US$35-M Land Reclamation Contract for GLDD

Provider of dredging services in the United States and a major provider of environmental & remediation services, Great Lakes Dredge & Dock Corporation (GLDD) says

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1164 sec (9 req/sec)