TORM A/S on Tuesday (16 August) said it has purchased an ownership stake of 75% in ME Production (MEP) manufacturer and developer, a Danish developer and manufacturer of Marine Exhaust Gas Scrubbers (EGCS).
The new partnership builds on a year-long collaboration between TORM and MEP with the two companies working closely together, especially in relation to TORM’s substantial exhaust gas cleaning (scrubber) commitment.
MEP has gained expertise in developing and producing components for the maritime industry, including scrubbers for the shipping industry.
With this, the two parties have formed a successful JV partnership to produce scrubbers and other energy reduction equipment. Due to this, TORM has been able to install scrubbers on more than 50 vessels developed and produced by MEP or the JV.
TORM acquired 75% ownership from the present owner and founder, Jens Peter Faldt, with him maintaining 25% ownership of MEP. MEP will continue as an independent, stand-alone entity and will continue to serve its existing and loyal customer base.
The current management and production team at MEP will continue without any changes, and Jens Peter Faldt will continue as CEO.
Jens Peter Faldt, MEP’s CEO, said: “With the new ownership structure with TORM, MEP will have a stronger foundation to support the development of the business.”
“Our mission is still to create cleaner air by developing more green solutions and helping our customers to reduce their environmental footprint. That ambition is strengthened now that we are able to combine MEP’s capabilities in research and production of emission-saving equipment with TORM’s shipowning and ship management experience.”
Jesper S. Jensen, Head of the Technical Division at TORM, said: “We are delighted to enter into a further integrated partnership with MEP to continue our journey towards decarbonisation.”
“I am convinced that combining the experience and engineering resources at MEP with the operational excellence at TORM will help us in achieving our environmental targets, where we have decided to push fast forward to deliver a 40% reduction by 2025 and 45% by 2030 compared to 2008.”
Photo credit: TORM
Published: 18 August, 2022
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