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Scrubber players Clean Marine and FMSI in proposed merger

29 Oct 2019

Scrubber manufacturers Clean Marine AS and FMSI have announced a proposed business merger to create a leading provider of exhaust gas cleaning systems.

The combined entity, which will operate under the name Clean Marine, will provide a fully integrated offering, including Original Equipment Manufacturer (OEM) expertise, significant capacity, fast production times, project management and global after-sales services.

It will also offer financing to its customers through affiliated companies.

The merger will also better position Clean Marine to fulfil the needs of its customers and meet the rising demand for EGCS following the implementation of the new limits on sulphur emissions that come into effect on January 1, 2020.

Approximately 490 Clean Marine employees will serve clients around the world from offices in Oslo, Norway; Varna, Bulgaria; Singapore; Houston, USA; and Batam, Indonesia.

“We are very pleased to announce the contemplated merger on the eve of IMO 2020 coming into effect,” said Nils Høy-Petersen, CEO of Clean Marine.

“The transaction will provide additional scale to support our global operations and continued investment in developing the best possible product and services for our customers.”

The combined company will be able to deliver higher manufacturing volumes and shorten delivery times further, to shipowners’ benefit.

In total, the companies have in order approximately 260 scrubber systems. The combined company will also enhance its R&D efforts to develop further competitive green technologies for shipowners as well as for other industries.

“This is a significant milestone in FMSI’s history, and we are delighted to announce this intention to combine with Clean Marine,” says Nicolas Busch, shareholder and acting CEO of FMSI.

“We expect the combined company will achieve a substantial increase in market share and create a strong foundation for pioneering compliant scrubber technology for years to come.”

Should the companies complete the merger, Nils Høy-Petersen will become CEO of the combined company. The merged company will have equal shareholdings from the companies’ owners.

Pareto Securities is acting as financial advisor to Clean Marine in connection with the Merger and Thommessen as legal advisor. Arctic Securities is financial advisor to FMSI and BAHR the legal advisor.

Photo credit: Clean Marine
Published: 29 October, 2019

 

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