Samskip comments on the sale of its 50% share in TECO

"We are pleased to announce that as part of the expansion and development of our European Multimodal Container Logistics network, we have decided to dispose of our 50% share in TECO, which we did not consider a fit with our core strategy of focusing on the door-to-door market. The sale will have only positive effects on Samskip's continued growth within our core markets, of which the Baltic region forms part, and the development of our focused products.

"Samskip has proven a proactive, strong and successful interest in the Baltic and we will continue our aggressive growth in the region. The TECO disposal will enhance our growth prospects. An example of our commitment to the region was expressed through the recent establishment of our Klaipeda office and weekly vessel call. Customers in Estonia will be served in the same efficient way in which we cover Russia, via Ventspils and Klaipeda through our own dedicated intermodal solutions.

"It was furthermore felt by both TECO partners that the TECO business would be better developed under one owner due to its focus on the feeder business and the subsequent competition with other feeder operators.

"Samskip has, over the last 18 months, built up the largest, most comprehensive and efficient multimodal network in Europe through organic growth and acquisitions. We focus on door-to-door business through our key competency built around our 45ft palletwide containers moved on rail, road and sea. We believe that our core product is strongly adapted to the continuous and increasing demands from customers focusing on quality, reliability, cost and tailored solutions."