The Icelandic transportation company Eimskip has signed an agreement to acquire the Norwegian shipping and logistics company Nor Lines. Eimskip plans to restructure Nor Lines to improve its services and profitability, but the Norwegian company has faced challenges in recent years.
According to a statement from Eimskip, the estimated annual turnover of Nor Lines, a company with 200 employees, amounts to about EUR 110 million. The acquisition is financed with cash.
Nor Lines was founded in 1930 and operates an extensive service network in Norway, handling general and refrigerated cargo on sea and land.
Nor Lines operates a fleet of seven cargo vessels, five of which Eimskip will be operating. One of those five will be owned by Eimskip, the other four chartered.
Completion of the transaction is subject to approval by the Norwegian Competition Authority.