Japans major shipping company “NYK” has acquired Westfal-Larsens stake in Norways “Saga Welco,” taking full control of the company.
According to sea-news.az citing Seanews.az, that after obtaining the required regulatory approvals, the transaction was completed on July 20 through “NYK Holding Europe.”
Prior to this, “NYK” and “Westfal-Larsen” held equal shares in the company. The financial terms of the acquisition agreement have not been disclosed.
Based in Tønsberg, Norway, “Saga Welco” operates 48 open-hatch general cargo vessels and employs approximately 120 people.
“NYK” stated that this acquisition will strengthen the company’s revenues from dry bulk shipping and further solidify the integration of “Saga Welco’s” specialized operations with the Japanese company’s broader network.
