Wilhelmsen Ships Service has signed a definitive agreement to acquire TIMM AS.
“The Timm acquisition reinforces our position as a global player within marine products,” says Bjørge Grimholt, President at Wilhelmsen Ships Service (WSS).
Timm is a leading provider of high performance ropes worldwide with five distribution hubs. The company has been in business for more than 240 years and has gained a firm foothold in the merchant fleet, especially in the European market. The company is owned by Christian Krefting (through Krefting AS), Jacob Stolt-Nielsen (through BSN AS) and Managing Director Tore Strand (through Skarbu AS).
In a joint statement, Krefting and Stolt-Nielsen says, “Since 2009, we have focussed on innovation and industrialisation; we have turned around the business and prepared Timm for further expansion.”
“We are very pleased that an international and industrial company like WSS will carry on our tradition since 1772 to deliver great ropes worldwide and grow the business further”. They continue, “Tore Strand has been instrumental in building up Timm and we are pleased that he will ensure continuity in the leadership as part of WSS.”
“Timm will contribute with some 16 MUSD to our revenue with immediate effect. This is a renowned brand with high quality products, which is a good fit with our global supply and service network. We have significant synergy potential going forward. Together, we will develop this business significantly and in line with our ambitious growth targets”, says Grimholt.