Estonian Shipping sells subsidiary

  • 2003-07-17
  • Baltic News Service

The Estonian Shipping Company (ESCO), owned by the Norwegian Tschudi & Eitzen group, sold its daughter company ESCO Eurolines OU to the British transport company Mann & Son Holdings, Ltd. on July 11.
The actual transfer of the daughter company and its activities to Mann & Son Holdings Ltd. will take place on July 31. ESCO Eurolines operates a roll on-roll off (ro-ro) service with two vessels, connecting Estonia with Germany and Denmark.
The parties did not disclose the price of the deal.
ESCO Managing Director Soeren Andersen said the sale of ESCO Eurolines was the final step in the firm's strategy to withdraw from the operation of ro-ro liner services. "We are glad that we have found a very good and compatible buyer in Mann & Son Holdings. They have proven their interest in the transport sector in the North Sea and Baltic Sea with their own ro-ro services," he said.