Svitzer has sold its Portuguese marine operations to local firms Pioneiro do Rio and Grupo Sousa.
The company said in a statement that declining volumes resulting in difficult market conditions led to the decision to divest its operations in Portugal.
The transaction was subject to customary closing conditions, including a mandatory filing with the Portuguese competition authority – which was submitted by the buying party on May 13, 2019. After having obtained approval from the Portuguese competition authorities and meeting all closing conditions, the parties were able to finally close the transaction, whereby Pioneiro do Rio and Grupo Sousa assume ownership of Svitzer’s Portuguese marine operations effective January 1, 2020.
Svitzer had first entered the Portuguese market in 2005.
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