Liner shipping giant Maersk has decided to split off its worldwide towage business, Svitzer, so that it can simplify its business and focus on integrated logistics.
Shares in Svitzer and its subsidiaries as well as certain other related assets and liabilities will be contributed by Maersk to a new legal entity (the Svitzer Group) and the shares will be admitted for trading and official listing on the Nasdaq Copenhagen share market.
It is intended that a vote on the merger will be put to Maersk shareholder on 26 April 2024, and if approved, shares in Svitzer will be distributed to Maersk shareholders. The anticipated first day of trading for the shares of Svitzer Group on Nasdaq Copenhagen is on 30 April 2024.
In 2022, Svitzer revenue was USD 774m and EBITDA was USD 229m. In 2023, revenue was USD 839m and EBITDA was USD 246m. Svitzer plans to publish its consolidated annual report for 2023 on 26 February 2024.
The Executive Management team of Svitzer currently consists of CEO Kasper Friis Nilaus and CFO Knud Winkler, who will also serve as the Executive Management team in the future listed company, Svitzer Group. The new Board of Directors of Svitzer consists of Chair Morten H. Engelstoft, Vice Chair Robert M. Uggla, Christine Morris, and Peter Wikström, who will be proposed as members of the Board of Directors in Svitzer Group with effect from completion of the demerger on 26 April 2024. Moreover, it is the intention to propose one or two additional independent candidates to join the Board of Directors of Svitzer Group at its annual general meeting in 2025.
Svitzer will continue to be headquartered in Copenhagen and operate under the Svitzer name.
Svitzer CEO Kasper Nilaus said: “We were established by Emil Z. Svitzer in 1833 to prevent the loss of life and capital at sea. We have built on that legacy over many years and are widely recognised within the maritime and shipping sector as a trusted partner.”
“The announcement today signals an exciting new chapter for Svitzer, one that ensures our commitment to delivering efficient, reliable and safe towage and marine services to our valued customers is as strong and dynamic as ever.”
