NYK buys out Danish partner in reefer subsidiary
NYK Line subsidiary NYK Reefers Ltd. said Friday it has acquired full control of a joint venture reefer business with Danish partner J. Lauritzen A/S.
The Japanese company has bought J. Lauritzen's 50 percent share of the venture, called NYKLauritzenCool.
'As a part of Lauritzen's overall strategy we decided to sell our reefer fleet in 2006 and it is therefore only natural that NYK takes over our 50 percent share holding of our joint marketing company,' said Torben Janholt, president and chief executive officer of J. Lauritzen, in a statement. 'Lauritzen has for more than 60 years been one of the pioneers in the reefer business, so it is obviously with emotions that we wish NYK a continuous good luck and thank all our trustworthy customers for their fantastic support.'
NYKLauritzenCool operates more than 70 reefer vessels worldwide and is headquartered in Stockholm.
Financial terms of the deal were not disclosed.
NYK buys out Danish partner in reefer subsidiary
