LYSAKER, Norway/STOCKHOLM, Sweden: September 05, 2016. Wallenius and Wilhelmsen plan to merge their joint interests with the formation of a new publicly listed company, Wallenius Wilhelmsen Logistics ASA.
The two companies intend to combine their ownership in Wallenius Wilhelmsen Logistics, EUKOR Car Carriers and American Roll-on Roll-off Carrier by the first quarter of 2017.
In addition to establishing a common governance structure and ownership of most assets and liabilities, the proposed merger is expected to save US$50-100 million: "We will have more optimal tonnage management and administrative, commercial and operational efficiencies between the entities," commented Anders Boman, CEO of Wallenius Lines.
On completion, Wilh. Wilhelmsen Holding ASA and Wallenius Lines AB will have 40 percent each of the new company with the balance available on the open market.
"Changing market dynamics and pressure on margins enforce a fundamental change in how we manage our joint ventures, especially within the shipping segment," said Thomas Wilhelmsen and Diderik Schnitler, respective chairmen of Wilh. Wilhelmsen ASA, and Wilh. Wilhelmsen Holding ASA. "Together with our Swedish-based partner, we wish to continue to be world-leading within the car and ro-ro segments and grow our logistics footprint to serve our customers," added Wilhelmsen.
Craig Jasienski, currently CEO and president of EUKOR Car Carriers, will head the new company that replaces a partnership dating back to 1999.