Bruce Barnard | Feb 22, 2011 9:57AM EST
Panalpina acquired Norway's Greig Logistics to broaden its coverage of the North Sea oil and gas sector.
The Swiss forwarder didn't reveal the cost of the acquisition from the privately-held Greig Group. It is subject to approval by Norwegian competition regulators.
The purchase of Greig Logistics, which has 100 employees, will add around $71 million to Panalpina's annual revenue.
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The acquired business will trade as Panalpina Greig for an interim period before it is fully integrated into Panalpina's Norwegian operations.
Greig operates freight forwarding, domestic transportation, warehousing, distribution and customs clearance at 14 locations across Norway.
Greig's maritime services and port operations are not part of the transaction and will continue to operate under the name of Greig Logistics AS after the deal is closed.
"Greig's … 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," said Panalpina CEO Monika Ribar.
"Together we have an opportunity to expand our global oil and gas presence and leverage our joint logistics know-how," Ribar said.
The Greig Group is active in shipping, logistics, ship broking, fishing, insurance and renewable energy and has around 1,650 employees.
-- Contact Bruce Barnard at brucebarnard47@hotmail.com.
