Garware acquires Norway’s Offshore & Trawl Supply to expand offshore and aquaculture presence.
Indian technical textiles group Garware Technical Fibres (GTFL) has acquired Offshore & Trawl Supply AS (OTS), a Norwegian rope and netting manufacturer based on Valderøya near Ålesund, as part of its international growth strategy. The purchase price has not been disclosed.
The acquisition strengthens Garware’s foothold in offshore energy and aquaculture markets in Norway and Europe. OTS, founded by Rolf Giskeødegård, produces synthetic rope solutions for offshore, aquaculture, fisheries, and maritime applications. The company has 27 employees.
“This is not only an expansion of our product portfolio, but a strategic alignment with our goal of developing innovative solutions that are both locally relevant and globally scalable,” said GTFL Chairman and CEO Vayu Garware in a statement.
Garware confirmed production will continue at the Valderøya facility. “This is not a move to shift production to India,” said Norway country manager Pål Korneliussen. “The factory is advanced, has very competent people, and is close to European markets, which Garware will benefit from.”
OTS CEO Stein Frode Bulling-Ness said the deal opens new market opportunities for both customers and employees. The transaction will be funded through internal resources and is expected to be earnings-accretive.