Brunvoll acquires Scana PropulsionCompany News // May 5, 2017
Brunvoll AS in Norway has signed an agreement with Incus Investor ASA to acquire all of the shares in Scana Propulsion AS, including subsidiaries Scana Volda AS and Scana Mar-El AS in Norway, and three sales companies in the US, Singapore and China.
Brunvoll Holding AS has signed an option agreement for the acquisition of Scana Volda AS Real Estate, which owns manufacturing and office facilities of Scana Volda AS.
Brunvoll supplies thrusters to the global market and is a family-owned company with head office and production facility in Molde.
Chairman Arthur Brunvoll said the deal showed tat the company is "thinking long term" and would like to develop Brunvoll to meet the market with a broader product portfolio.
"We have a stated strategy where quality in all aspects of development and production with a high degree of automation will happen in Norway," he said.
Scana Propulsion AS is a supplier of gear and propeller systems with associated control systems and has a complementary product range to Brunvoll.
Odd Tore Finnøy, CEO at Brunvoll, said the acquisition "is a strategic move" from Brunvoll's side, "where the aim is to create a win - win situation for both companies, which together we can offer our customers even better, more comprehensive solutions for propulsion and operation of advanced vessels."
"Customers demand complete and comprehensive solutions, with low life cycle costs and energy efficiency. We are strengthening our position in the market with this acquisition," said Mr Finnøy.