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Friday, 21 November, 2008, 16:20 GMT | more >>

Umoe scuppers lifeboat deal



By Upstream staff 

Norway's Umoe Industri, parent to lifeboat and marine evacuation systems maker Umoe Schat-Harding said it had cancelled plans to merge the unit with TTS Marine.

Umoe executive vice president Jarle Roth said the company had sold its stake in TTS Marine after another industrial shareholder bought a 40% stake in Bergen-based TTS, scuppering Umoe's plans to become the leading shareholder in the company.

Roth said Umoe aimed to increase its preence in the maritime industry through Umoe Shat-Harding, and the change in the shareholder profile of TTS was not compatible with this.

Umoe Schat Harding is the leading supplier of lifeboat and evacuation equipment to the offshore, shipping and cruise industries.


Wednesday, 06 September, 2006, 17:35 GMT  | last updated: Wednesday, 06 September, 2006, 17:35 GMT

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