Garware Technical Fibres Limited (GTFL) is to acquire Norwegian synthetic rope specialist, Offshore & Trawl Supply (OTS) as part of a long-term strategy to strengthen global operations and expand its presence in the European market.
The acquisition will be executed through GTFL’s UK subsidiary, Garware UK, via a share purchase agreement with OTS, which is headquartered in Valderoey, near Ålesund, Norway.
“This acquisition marks a key milestone in Garware’s global growth trajectory and reinforces our commitment to delivering innovative, high-performance solutions to customers around the world,” said Vayu Garware, chair and managing director of GTFL.
OTS supplies rope solutions for the offshore oil and gas, aquaculture and marine fishing sectors. The acquisition is expected to bolster GTFL’s offshore and aquaculture product offerings, while enhancing R&D and access to the North Sea and European markets.
“This is a strategic alignment with our mission to co-create locally relevant and globally scalable innovations that bring value to our customers,” Garware added. “OTS is known for its engineering excellence and together, we can expand its reach and accelerate innovation.”
Stein Frode Dulling-Ness, chief executive of OTS, welcomed the move. “We are excited about the possibilities this development opens up for both our customers and our employees,” he said. “GTFL’s global platform and support will help take OTS to the next level.”
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