NORWAY - Four Seasons Venture buys back TeamTec

Unitor ASA has sold all of its shares in TeamTec to a consortium comprised of TeamTec employees, TeamTec Holding AS with managing director Erling Holm, and a company within the Four Seasons Venture group. The total consideration for the shares is NOK 77m.

'We believe in the future of this company, and see this acquisition as a good investment. Local ownership is beneficial both for the company and for the employees,' says managing director Erling Holm.

'The divesture of TeamTec AS is motivated from Wilhelmsens Maritime Services strategy and focus as a services company for the marine industry,' says managing director Dag Schjerven in Wilhelmsen Maritime Services.

TeamTec AS, based in Tvedestrand, Norway, manufactures marine incinerators used for burning solid waste and sludge oil. Other major TeamTec products include stripping ejectors and fire rated windows of class H-120, A-60 and A-0.

Unitor serves the marine, cruise and offshore markets within the areas of safety, refrigeration, chemicals, gases, welding, insulation and repair and maintenance. The company develops and delivers competitive products, services and systems through the marine industry`s largest global supply network.

Unitor ASA was acquired by the Wilh. Wilhelmsen group in the summer 2005 and is integrated with Wilh. Wilhelmsen’s subsidiary Wilhelmsen Maritime Services.

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