Norden to acquire Norlat Shipping

Norlat runs an asset-light model for its operations, chartering-in vessels to carry its four-to-five monthly shipments, which are generally sawn timber from Baltic and European continental ports to North Africa and North America. The business mostly uses Handysize ships.

The company was founded in 1986 and has eight employees across three offices, Sarpsborg and Bergen in Norway, and Stockholm in Sweden. Norden was founded in 1871 and has 15 offices across six continents.

“With a customer-centric business and trading routes complementary to Norden’s, Norlat is a great fit with Norden,’ said Norden CEO Jan Rindbo. “Norlat allows Norden to further cement our growing position within projects and parcelling, enabling us to offer our customers fully flexible solutions, as a global provider of ocean-based freight services for bulk and project cargo of all sizes.”

“The Norlat team is very excited to join Norden… Our operations have many similarities, but almost no overlaps. Joining Norden will help us bring out the untapped potential that our team possesses, we are looking forward to starting this new adventure“, says Norlat managing director, Paal Henrik Boehaugen.

“Norlat is an extremely skilled parcelling business, increasing Norden’s access to the Northern European forestry trade, new customers and cargo. Matched with Norden’s size and access, there are significant opportunities for further growth and commercial synergies,” adds Jan Rindbo.

Related:Norden reports highest profit in its 151-year history

Norden said its previous acquisition Thorco Projects had been fully integrated into its Freight Services & Trading business unit, operating as ‘Projects & Parcelling’. Norlat Shipping will become part of the Projects & Parcelling team.