Japanese global shipping and logistics company NYK Group has completed the acquisition of Norwegian open-hatch vessel operator Saga Welco.
Having reached an agreement to purchase Saga Welco from the Westfal-Larsen Group in March, the former has now become a wholly owned subsidiary of NYK Holding (Europe).
Prior to the acquisition, Saga Welco was jointly owned by NYK Holding (Europe) and the Westfal-Larsen Group, with each party holding a 50 percent stake.
Headquartered in Tønsberg, Saga Welco boasts a fleet of 48 open-hatch vessels. It provides global semi-liner services, handling wood pulp and other forest products, wind turbine blades, aluminium ingots, semi-finished steel products as well as a range of project cargoes. The firm has approximately 120 employees.
