Cory Towage sold by Ocean Group plc to Dutch Marine Services company Wijsmuller Groep Ltd for £81.5m
BUSINESS AS USUAL AT CORY TOWAGE AFTER SALE TO WIJSMULLER
Over recent years, Cory Towage’s parent company, Ocean Group Plc, has placed increasing focus on the development of its Global Logistics operations, now consolidated under the name MSAS Global Logistics. Whilst continuing to be extremely supportive of Cory Towage’s business and its development plans, Ocean has decided that it is now appropriate to sell Cory Towage to allow them to concentrate on the development of its Global Logistics activities and to ensure that Cory Towage is positioned to continue the development activities that the Company has been pursuing in recent years both in the UK and internationally.
Following discussions with a small number of prospective buyers, Ocean has agreed to sell its shareholdings in Cory Towage and all its related overseas investments to Wijsmuller Groep Holding BV, the transaction should complete before the end of February 2000.
The Wijsmuller group of companies have a long history in maritime services, and are recognised as a world leader in our industry. The coming together of our two organisations creates an extremely strong company with a global presence in:
· Harbour and Terminal Towage
· Salvage and Offshore Towage
· Maritime Services (maritime consultancy / ship delivery / ship management / pilotage)
The combined activities of Wijsmuller and Cory Towage will operate in 17 countries with a total fleet of 130 vessels and over 1000 employees.
