Rettig Group Ltd Bore will acquire Rederi Ab Engship

All shareholders in Rederi Ab Engship have accepted Rettig Group Ltd Bore’s offer to buy their shares. It is the intention to complete the transaction by the end of February 2006.

The planned acquisition is another step in Bore’s active growth strategy following the purchase of Bror Husell Chartering Ltd last October. It will strengthen Bore’s ability to serve the customers both in the RoRo and in the small tonnage markets. After this acquisition, Bore’s fleet will comprise 21 owned vessels in total, 11 RoRo and 10 container and dry cargo carriers. The annual turnover will amount to some EUR 70-80 million and the number of personnel will total 500.

Rederi Ab Engship’s Chairman, Mr Kaj Engblom, says: “Rettig Group Ltd Bore has a highly respected status that was needed to acquire Rederi Ab Engship. Consolidation is an efficient development process of the shipping industry. Bore will now become a large shipowner to offer diversified sea transportation services that are required in Europe.” Rettig’s Chairman, Mr Cyril von Rettig comments: “We are happy to increase Bore’s business portfolio through this acquisition. Shipping has been an essential part of Rettig’s business activities since the 1920s.” Rettig’s President and CEO, Mr Bjarne Mitts, says: “This acquisition continues the consolidation within the shipping industry and makes Bore more attractive in serving the needs of the market both in the North Sea and the Baltic Sea. The new Bore organisation will be built on the values of a family business, common to both Rettig and the acquired entities.”

Rederi Ab Engship is a Finnish family owned company that owns and operates 11 dry cargo and container vessels and RoRo carriers. The annual turnover amounts to EUR 30 million and the number of employees is 300. Rettig Group Ltd is a Finnish family owned industrial group focusing on three core business areas: Rettig ICC (hydronic and electrical heating, indoor climate regulation), Bore (shipping) and Tarkala (real estate development and rental). In 2005 the turnover amounted to EUR 600 million and the number of personnel is 4,000.