Norway Post buys Swedish food logistics group Frigoscandia

Norway’s state-owned postal service, Norway Post, on Monday announced an agreement to buy Sweden’s Frigoscandia, a regional supplier of temperature-controlled transport of food and other products.

Under the agreement, which requires Norwegian and Swedish regulatory approval, the companies withheld the purchase amount.

Frigoscandia employs about 1,000 people at 24 special warehouse facilities in Norway, Sweden and Denmark. Its turnover in 2004 was more than 2 billion Swedish kronor _ about US$245 million or €208 million.

“Norway Post is facing increased competition in a range of areas and this acquisition will strengthen our position in the domestic market too,” said Klaus-Anders Nysteen, acting head of Norway Post.

The Norwegian company has more than 22,000 employees, and last year had a turnover of 18 billion Norwegian kroner _ about US$2.7 billion or €2.3 billion.