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Stromme Purchases Norwegian Maritime Equipment
01 Apr 2005
The purchase will extend Stromme's range of products in important segments of the marine equipment market, strengthening its own brands in its traditional shipping market while expanding sales to encompass shipyards and offshore activities. NME products are mainly concentrated on lifeboats, their cranes and davits, ship's cranes, fenders, reverse osmosis plants and fire fighting equipment for on board ships and offshore installations.
NME recorded NOK50m in sales last year with a pre-tax profit of NOK2.7m.
Over the last few years, both Stromme and NME have developed their own branded products in collaboration with leading manufacturers.
Marketing research has shown that the merged company can achieve appreciable synergies.
The NME product range will now be marketed by Stromme's international sales organisation, which has offices in nine countries and representation in another 14.
Stromme will now operate in four product areas, Marine Products, Marine Spares, Marine Service, and Marine & Offshore Supply.
The Stromme Marine Products range will now include the products listed above plus marine compressors, high pressure cleaners, and cargo hold cleaning systems. NME's owner and CEO, Styrk Bekkenes, will continue to manage NME as part of Stromme's management group and will hold a central position in the further development of the company.
The newly merged company will give a first public display of the expanded product range as exhibitors at Nor-Shipping in Oslo from 7 to 10 June.
MJ Information No: 20508
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