Lysaker, 25 September 2015
Wilhelmsen Ships Service has signed a definitive agreement to acquire TIMM AS.
“The Timm acquisition
reinforces our position as a global player within marine products,” says
Bjørge Grimholt, President at Wilhelmsen Ships Service (WSS).
Timm is a leading
provider of high performance ropes worldwide with five distribution
hubs. The company has been in business for more than 240 years and has
gained a firm foothold in the merchant fleet, especially in the European
market. The company is owned by Christian Krefting (through Krefting
AS), Jacob Stolt-Nielsen (through BSN AS) and Managing Director Tore
Strand (through Skarbu AS).
In a joint statement,
Krefting and Stolt-Nielsen says, “Since 2009, we have focussed on
innovation and industrialisation; we have turned around the business and
prepared Timm for further expansion.”
“We are very pleased
that an international and industrial company like WSS will carry on our
tradition since 1772 to deliver great ropes worldwide and grow the
business further”. They continue, “Tore Strand has been instrumental in
building up Timm and we are pleased that he will ensure continuity in
the leadership as part of WSS.”
“Timm will contribute
with some 16 MUSD to our revenue with immediate effect. This is a
renowned brand with high quality products, which is a good fit with our
global supply and service network. We have significant synergy potential
going forward. Together, we will develop this business significantly
and in line with our ambitious growth targets”, says Grimholt.
