The world economy is slow. So are the markets in which we operate. However, we can control the way we approach the world around us and how we adapt.
2016 has so far sparked several changes in the Wilhelmsen group. We listed our third entity by placing Treasure ASA on the Oslo Stock Exchange. Treasure ASA is the holding company for our shares in Hyundai Glovis – a South Korean logistics company, where we own 12% of the shares. Wilh. Wilhelmsen ASA (WWASA), the car- and ro-ro division of the Wilhelmsen group no longer own these shares. This move more clearly defines the value of WWASA, which also simplifies the next activity – merging WWASA with Wallenius.
In September, WWASA signed a letter of intent with our Swedish partner Wallenius to establish a new ownership structure for their jointly owned companies. That means intending to create the company Wallenius Wilhelmsen Logistics ASA, listed on the Oslo Stock Exchange. Upon completing the transaction, this will be a giant shipping company firmly grabbing the leading international car- and ro-ro market position. Wallenius Wilhlemsen Logistics ASA will be located in Norway and headed by Craig Jasienski, today CEO of EUKOR Car Carriers and Wallenius Wilhelmsen Logistics.
Within the Wilhelmsen Maritime Services (WMS) portfolio we have done two major changes, the first was merging Wilhelmsen Technical Solutions and the maritime safety section of Wilhelmsen Ships Service into the Survitech Group. Survitech is a world leading company within marine, offshore, defence and aerospace survival technology. Upon completion of the merger, WMS will hold a 20% stake in Survitech, which will ensure Wilhelmsen’s continued and significant involvement in a key market that is driven by regulatory requirements.
After having tried for some time to sell Callenberg Technology Group, we were able to secure a deal with Trident Maritime Systems. We have in Trident and their principal, J. F. Lehman & Company, found a strong new owner of Callenberg. Having a new owner that operates within the same technology areas, creates a perfect environment for employees, customers and future growth of Callenberg with Trident.
The markets in which our group companies operate are going through rapid change and require more agile and efficient business models. The future will continue to hold changes for Wilhelmsen. Companies who do not change, those who stand still and let others pass by, will fail. The Wilhelmsen group has constantly changed throughout its lifetime. It is the way we manage change and how we move forward that define our success.
Succeed we will. With our structural changes, we are very well positioned for growth, for grabbing market shares, and for continuing to provide value for our customers. We have the largest maritime network in the world. We have the best maritime employees in the world. Our brand is well respected and recognised within the maritime world. We are perfectly positioned to continue to shape the maritime industry.