MoU to merge European harbour towage operations
Kotug and Boskalis join their towing activities in the European market
The partnership involves a 50/50 joint venture between Kotug and Smit, a wholly owned subsidiary of Boskalis. The geographic scope of the venture covers the European harbour towage market, which relates to Kotug’s existing harbour towage activities in the Netherlands, Germany and the UK, and SMIT’s harbour towage activities in the Netherlands and Belgium.
The combination will create a leading provider of harbour towage services in North West Europe active in eleven ports and four countries with a fleet of approximately 60 harbour tugs, generating a total turnover of about EUR 150 million, the companies said. Besides operational synergies the joint venture is said to strengthen the market position of both companies.
The implementation of the MoU is subject to customary conditions, including a due diligence process and approval from regulatory agencies in the countries involved.
