Panalpina acquires Norway's Grieg Logistics

 The Grieg Group has sold its shares in Grieg Logistics, an entity offering freight forwarding, domestic transportation, warehousing, distribution and Customs clearance services, to Panalpina, reported Tensid.


Subject to the approval of the Norwegian competition authorities, Panalpina will acquire 100 percent of Grieg Logistics.


Both parties have chosen not to disclose the purchase price.
All of the approximately 100 employees in Grieg Logistics business units will remain with the company. Grieg Logistics' current CEO, Rune Birkeland, will support a seamless transition of Grieg Logistics core businesses into Panalpina's current Norway organisation.


The acquired entity will be renamed and will trade under Panalpina Grieg for an interim period. The Norwegian operations will be managed by Erik Hutter, who has led Panalpina's oil and gas industry vertical for the past nine years.


Grieg Logistics, established in 1969 as a separate business unit within the Grieg Group, is a leading logistics provider to the Norwegian oil and gas, shipping and maritime industries.
It has a broad product portfolio including logistics, freight forwarding and project development.


The acquisition of Grieg Logistics' core businesses will add approximately US$70.76 million to the Panalpina Group's annual turnover. Grieg's maritime services and port operations are not a part of the sale and will continue to operate under the name Grieg Logistics.


Panalpina CEO Monika Ribar believes that "Grieg's commitment to high quality operational excellence combined with its solid foundation in the oil and gas industry in Norway are in close synergy with Panalpina's leadership in the global oil and gas sector.
(Source:http://www.cargonewsasia.com)