Eimskip strengthens its position in the Netherlands by acquiring the reefer logistics company Extraco

Wednesday, November 16, 2016

The company’s annual turnover is about EUR 19 million

Eimskip has strengthened its position in worldwide reefer logistics services by acquiring 90% of the forwarding company Extraco Internationale Expeditie B.V. in the Netherlands.

Extraco was founded in 1991 and is located close to the port of Rotterdam, the largest port of Europe. It services importers of chilled and frozen commodities in the Netherlands, as well as providing import handling, warehousing, custom brokerage and distribution of bulk, chilled and frozen commodities in Europe. The company’s annual turnover amounts to approximately EUR 19 million.

Extraco employs 19 people and the majority of the company’s current management team will stay on board the company and own 10% share. The company will move into Eimskip’s office in Rotterdam to achieve synergies and will form a reefer logistics center with the other Eimskip identities there: European Transport Services (E.T.S.), Eimskip Reefer Logistics and Jac. Meisner.

This is the first of several accretive acquisitions that Eimskip will be making in its core markets in the coming months. This acquisition will strengthen and diversify the company’s freight forwarding services in the Netherlands.

Gylfi Sigfússon, President and CEO of Eimskip

“We welcome Extraco and all of its customers into the Eimskip group and know that the synergies, increased diversification and the valuable experience of Extraco’s employees will help us to further strengthen our forwarding operation in the Netherlands.”

Dick de Weerdt, Managing Director of Extraco

“It’s my pleasure to announce that the management of Extraco has decided to join the Eimskip group of companies. It is my firm belief that our customers will benefit from Eimskip’s extensive logistics and shipping network. Our aim to deliver high performance and superior reliability will remain our primary goal at all times.”

About Eimskip

Eimskip was founded in 1914 and is a publicly traded company with its shares listed at Nasdaq Iceland. The company runs a network of 57 offices in 19 countries, operates 20 vessels and has around 1,600 employees. Approximately half of Eimskip’s revenue comes from operations outside Iceland. The company’s vision is to provide outstanding transportation services through a dependable transport system in the North Atlantic and an extensive worldwide network of reefer logistics services.

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