Norway Post has entered into an agreement to acquire Frigoscandia (FSD HoldCo AB). Frigoscandia has a strong Nordic position within the market for temperature-controlled third-party logistics and transport, and its acquisition represents an important contribution to Norway Post?s continued development of its logistics operations in the Nordic countries.

Norway Post will acquire 100 per cent of shares in the company. The seller is a fund managed by Triton Managers Limited and the management of Frigoscandia. Agreement has been reached subject to approval by the competition authorities in Norway and Sweden. Since it was established in 1950, Frigoscandia has been a market leader within the field of temperature-controlled logistics in the Nordic countries, albeit with limited operations in Norway. The company provides third-party logistics services, international and Nordic transport, as well outsourcing services for a large part of its customers? supply chains.

Frigoscandia is experienced and skilled in providing integrated solutions for demanding customers. The company recorded sales of SEK 2 billion in 2004 and its customers include major Nordic companies, largely concentrated in the food and groceries industry. The acquisition of Frigoscandia will strengthen Norway Post?s position in the logistics market, where competition is fierce, particularly from international players. The market for temperature-controlled logistics services is growing strongly in the Nordic countries.

Customers are major market players in the Nordic countries, and decisions concerning distribution to and within Norway are made outside Norway. Achieving a strong position in respect of temperature-regulated transport solutions will strengthen Norway Post?s opportunities for growth within general and bulk cargo and third-party logistics services. ?The acquisition of Frigoscandia is part of Norway Post’s aggressive focus on offering integrated Nordic solutions to our customers. Norway Post is facing increased competition in a range of areas and this acquisition will strengthen our position in the domestic market too.

The acquisition of Frigoscandia represents an important addition to Norway Post?s logistics operations, and will leave Norway Post well-positioned in a market that is experiencing strong growth and requires future-oriented solutions,? says Klaus-Anders Nysteen, Norway Post?s Acting Chief Executive Officer. ?Frigoscandia now has an industrial owner that can continue to develop the company. We see exciting possibilities for temperature-controlled logistics operations developed by Norway Post. Frigoscandia will supplement Norway Post?s temperature-controlled logistics operations, thus enabling us to become the largest market player in the Nordic countries,?
says Lars Adg?rd, Managing Director/CEO of Frigoscandia.

Frigoscandia will continue operations as a separate company under Norway Post?s logistics
division. The new board chairman of Frigoscandia will be Arne Bj?rndahl, Senior Vice
President in Norway Post.

Source: Posten (Norway Post)

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