Wilson and Eimskip have today entered into an agreement in which Eimskip has agreed to sell their 50 % share in Euro Container Line (`ECL`) to Wilson. Wilson will after the transaction own 100 % of ECL. The transaction is subject to approval from the Norwegian Competition Authority.
Euro Container Line provides marine transportation services for containers / breakbulk and operates a container line between Hamburg / Bremerhaven and ports in West and Mid Norway. The company`s customers are the larger overseas container operators as well as industrial cargo customers.
ECL has been a 50-50 joint venture between Eimskip and Wilson and operates at time being a fleet of 3 vessels. Going forward, Wilson is likely to expand the company`s current business. ECL has its offices in Bergen together with Wilson Bergen as well as an 100 % owned agency; NSA Schifffahrt und Transport GmbH, in Hamburg. Gross turnover in 2007 was MNOK 129.
Wilson will acquire the shares for MNOK 40. The transaction includes all activities and assets within ECL and NSA. Implementation will be effectuated following approval from the Norwegian Competition Authority.
The transaction calls for no operational changes and both ECL and NSA will carry out their businesses as before.
ECL has been a 50-50 joint venture between Eimskip and Wilson and operates at time being a fleet of 3 vessels. Going forward, Wilson is likely to expand the company`s current business. ECL has its offices in Bergen together with Wilson Bergen as well as an 100 % owned agency; NSA Schifffahrt und Transport GmbH, in Hamburg. Gross turnover in 2007 was MNOK 129.
Wilson will acquire the shares for MNOK 40. The transaction includes all activities and assets within ECL and NSA. Implementation will be effectuated following approval from the Norwegian Competition Authority.
The transaction calls for no operational changes and both ECL and NSA will carry out their businesses as before.