Copenhagen-based shipowner and operator of product tankers Torm acquires full ownership of ME Production, a Danish specialist in advanced marine and energy equipment.
The Nasdaq-listed company Torm A/S has acquired the remaining 25% ownership stake in ME Production (MEP) from founder and CEO Jens Peter Faldt, Torm stated in its release.
This expansion follows Torm’s initial acquisition of a 75% ownership stake in 2022, and now Torm has full ownership of MEP.
The two companies have maintained a close, productive collaboration since 2018, when a joint venture was established to manufacture exhaust gas cleaning systems (scrubbers) in China.
Since then, more than 70 systems have been installed on Torm vessels.
As it is reported, MEP will continue to operate as an independent company with headquarters in Frederikshavn, Denmark, and will continue to serve its broad marine and industrial customer base using its global service network.
As sole owner, TORM will provide strengthened strategic support and investment in MEP.
“By bringing MEP fully into the TORM Group, we can strengthen our innovation efforts and scale the technologies that support our environmental strategy,” says Jesper S. Jensen, head of technical division at Torm.
MEP will continue to deliver products and services across the maritime and energy sectors.
Operations include research and development, engineering, and manufacturing of marine equipment, such as exhaust gas cleaning systems and energy-saving solutions, for both vessels and land-based operations.
