Skelmersdale, UK – Trelleborg AB has finalised the divestment of its offshore operation in Skelmersdale, in north west England, as part of a strategy to narrow focus on selected market segments.
The divested company is part of the Swedish group's overall offshore operation, which was catagorised as “businesses under development” in last year’s restructuring programme.
The buyers are “individuals holding senior positions” in the business being sold, Trelleborg announced 2 March, without giving further details.
The divested entity posted annual sales of SEK580 million (€57 million) in 2020 and was deconsolidated on 1 March, the Swedish polymer group announced.
The operation develops and manufactures products such as subsea buoyancy modules for offshore installations as well as bend stiffeners, cable protection and bend restrictors for subsea cables.
In a 2 March statement, Trelleborg said the move is expected to reduce exposure to the “challenging” offshore oil & gas segment to approximately 3% of its total net sales.
“After evaluating the various strategic alternatives for this company, we came to the conclusion that divestment was the best option,” said chief financial officer Fredrik Nilsson.
Following the transaction, he said, Trelleborg will be further intensifying its focus on core operations.
Trelleborg noted that other offshore operations in the “businesses under development” reporting segment will not be affected by the divestment.
The group, however, said it was hopeful to complete the strategic overview of the remaining components of its offshore operations “in the relatively near future.”