Icelandic delivering firm Eimskip has actually participated in an arrangement to aquire Norwegian delivery and also logistics firm Nor Lines.

Eimskip explained Nor Lines as a tactical fit within Eimskip’s core market and also the general deal as asset-light. Eimskip’s claims it will certainly reorganize the firm in order to boost solutions and also earnings by straightening it with Eimskip’s existing procedures in Norway.

The approximated yearly turn over of Nor Lines, which has around 200 workers, totals up to around EUR 110 million.

Nor Lines presently runs a fleet including 7 freight vessels that run 3 various profession lanes in and also out ofNorway As component of the restructuring, Eimskip will certainly take control of procedure of 5 vessels, consisting of one possessed and also 4 hired.

Nor Lines likewise consists of a considerable shore-based procedure including a network of 60 terminals along the Norwegian coastline, supplying stockroom procedures and also products forwarding solutions. Out of the 60 terminals, the firm runs 14 while the continuing to be 46 are run by representatives. Nor Lines’ solution network likewise contains 450 vehicles possessed and also run by 3rd parties. In enhancement Nor Lines is marketing freight capability on 11 Hurtigruten vessels operating Norway’s western and also north coastline.

“The acquisition of Nor Lines is a large step in widening the service scope and strengthening the current services of Eimskip in Norway,” stated Gylfi Sigf ússon, President and also CHIEF EXECUTIVE OFFICER ofEimskip “Eimskip is currently operating seven side-loaded reefer vessels in Norway which serve between Norway, the Netherlands and the UK, but the acquisition will increase our efficiency since our sailing system will range over to the Baltic Sea and Germany. We look forward to working with the employees of Nor Lines on improving the efficiency of the two companies. The transaction is a part of Eimskip’s accretive strategy of external growth and will further strengthen the company’s liner services in Norway.”

Completion of the deal goes through authorization by the Norwegian Competition Authority.

According to Eimskip the approximate acquisition cost is simply EUR 15 million however might raise or lower based upon the economic efficiency of Nor Lines in 2016. The procurement is funded with money.