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Bremen-based
shipping company Harren & Partner and “K” Line, Tokyo, have reached
an agreement for Harren & Partner to acquire 100% of German carrier
SAL Heavy Lift on 27 July 2017.
“K” Line entered into agreement to take 50% shares of SAL in 2007 in
order to diversify its business. In 2011, “K” Line took all the rest
of the shares and SAL becoming its sole owner. The company stated:
"SAL
has long struggled after financial crisis in 2008 and profitability of
owning asset has been depressed, heavily affected by low-price in energy
markets.
“K” Line reviewed its business portfolio in “Mid-term management plan”
in 2016 and has studied over the last fiscal year on how a sweeping reform
of the company could be made. Upon giving careful considerations to the
situation, it was decided that the best solution should be to transfer
the business."
SAL Heavy Lift, founded in 1980 near Hamburg, specialises in the sea transport
of heavy lift and project cargo. Its offshore subsidiary, SAL Offshore,
develops and supplies installation solutions for the offshore wind and
oil & gas sectors.
“I am very proud and pleased that we have reached the agreement with “K”
Line. This is another milestone in Harren & Partner’s history. SAL
is an eminently respectable company with experienced employees and long-term
customer relationships which stands for innovation, quality and technical
expertise,” says Dr. Martin Harren, Managing Director of Harren &
Partner.
“We believe that this acquisition will ensure that both SAL
and Harren & Partner are very well positioned for the future. In becoming
the new dominant player in the super heavy lift market, we believe this
will add strength to SAL and bring with it some much needed pricing discipline.”