Garware UK has signed a Share Purchase Agreement to acquire Offshore & Trawl Supply AS (OTS).
Garware Technical Fibres
Indian-owned technical textiles company Garware Technical Fibres Limited (GTFL), through its subsidiary Garware UK, is set to acquire the Norwegian provider of advanced synthetic rope solutions, Offshore & Trawl Supply AS (OTS).
"This acquisition is a strategic alignment with our mission to co-create locally relevant and globally scalable innovations that bring value to our customers. OTS is known for its engineering excellence and industry-leading solutions in Norway. Together, we can expand its global reach and accelerate innovation in this area," said Vayu Garware, Chairman & Managing Director of GTFL.
Also, GTFL will welcome a new team of highly qualified Norwegian engineers, with strong sales experience and a clear innovative mindset.
"For our team, the opportunity to further develop OTS's strengths with the support that GTFL will provide is highly motivating and, in our view, key to the growth of our business," noted Mr. Stein Frode Dulling-Ness, CEO of OTS.
Headquartered in Pune, India, Garware Technical Fibres Limited is a trusted global manufacturer of engineered polymer solutions. With a 50-year history and a worldwide customer base, OTS brings deep technical expertise in high-performance rope solutions and excellent relationships in the North Sea and European markets.
Over a year ago, Garware introduced the first 100% recycled ropes that reduce carbon footprint by 50%, helping trade associations and salmon farming companies to achieve their sustainability standards.
