** Sagar Sandesh print version ceases to be published from December 31, 2017. New look E-paper would be available from Jan. 1, 2018 onwards. free of cost.**

Maersk family company steps into renewables with wind firm acquisition

 A.P. Moller Holding, which controls Danish shipping giant A.P. Moller-Maersk will acquire Danish wind turbine supplier KK Group, it said on Wednesday, 10 July ‘19 in a first step into the renewable energy industry.

Acquisition new direction for the company

The acquisition marks a new direction for the family-owned company, which has built its business on the shipping and oil industry.

The parties declined to disclose the price of the deal. A.P. Moller Holding will buy KK Group, whose main activities are through KK Wind Solutions, from Swedish private equity Solix Group.

"Denmark is the leading hub for the wind industry worldwide with significant global growth potential. We look forward to supporting KK Wind Solutions' further development and growth in this important industry", chief investment officer of A.P. Moller holding, Jan T. Nielsen, said in a statement.

KK Wind Solutions employs about 1,400 people globally and provides electronic systems to wind turbine giants like Siemens Gamesa, Vestas and GE Renewables. It generated sales of 1.6 billion Danish crowns ($240 million) in 2018.

The acquisition likely to get approval in 3Q of 2019

The acquisition, which needs approval from the Danish and German competition authorities, is expected to go through in the third quarter of 2019, the companies said. ($1 = 6.6534 Danish crowns) 

Disclaimer
Copyright © 2019 PORT TO PORT - Shipping Services Portal ( Sagar Sandesh ). All rights reserved.

Follow Us