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Umoe Industri News

20 Jun 2005

Wilhelmsen Acquires Unitor

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).

06 Sep 2006

Umoe Announces Strategy for Schat-Harding

Plans by the Norwegian group, Umoe Industri, to merge its lifeboat and davit subsidiary Umoe Schat-Harding with Bergen-based equipment manufacturer TTS Marine ASA have been cancelled. Umoe has called off the proposed all-share merger following a change in the shareholder profile of TTS. Jarle Roth, executive vice-president of the Umoe Group, says, "Umoe Industri has sold its shares in TTS Marine. This means that the merger between TTS and Umoe Schat-Harding announced on August 16, 2006 will not take place. Umoe's decision to sell the shares and consequently stop the merger process with TTS was based on the recent development in the shareholder structure in TTS Marine. Another industrial shareholder recently acquired close to 40 percent of the shares in TTS Marine."

16 Aug 2006

TTS Acquires Umoe Schat-Harding

TTS Marine ASA has entered into a letter of intent with Umoe Industri regarding the takeover of Umoe Schat-Harding, which supplies lifeboats and other life-saving equipment to the shipping and offshore markets. The agreed purchase price is around $54.4m. Lifeboats and security equipment will by takeover of Umoe Schat-Harding be established as a new division in TTS, headed by the present managing director, Ove Røsseland. Umoe Industri`s basis for this transaction is to contribute to the development of TTS Group as an active and long-term shareholder. To facilitate active ownership, Umoe Industri AS will contemplate further acquisition of shares both before and after the execution of the agreement.