Acquisition aims to improve GTFL's offer for high sea and aquaculture products, expand its European presence and drive innovative and efficient growth.
Garware Technical Fibres Limited (GTFL), world leader in technical textiles and solutions focused on applications for aquaculture, fishing, geosynthetics, sports and industry, announced that its British subsidiary, Garware UK, has signed a Share Purchase Agreement to acquire Offshore & Trawl Supply AS (OTS), a Norwegian supplier of advanced synthetic rope solutions for the offshore oil and gas, aquaculture, marine fishing and commercial fishing. "This acquisition marks a key milestone in Garware's global growth trajectory and reinforces its commitment to offering innovative and high-performance solutions to customers around the world," said Vayu Garware, President and Chief Executive Officer of Garware.
Based in Valderoey, near Ålesund (Norway), OTS is a prestigious European company, known for its offer of high quality synthetic ropes and added value. Its product portfolio complements Garware's existing capabilities, while opening new geographies, customer segments and applications for mutual growth. "This acquisition is a strategic alignment with our mission to co-create innovations relevant at a local level and scalable at a global level that add value to our customers. OTS is known for its excellence in engineering and its leading solutions in the industry in Norway. Together, we will expand its global reach and accelerate innovation in this area," says Mr. Vayu Garware, Chairman and CEO of GTFL.
Shared vision and strong cultural alignment
The acquisition also includes a team of highly qualified Norwegian engineers and experts in the field, recognized for their technical depth, customer-focused approach and innovative mindset, qualities that faithfully reflect the values and culture of GTFL.
Founded and led by Rolf Arne Gtskeadegard and his management team, the company has built a legacy of innovation, resilience and excellence over the years. Vayu Garware acknowledged the team's contribution, stating: "We are excited to continue building on the solid foundation established by Rolf and the OTS team, and to continue their legacy on a global platform."
"We are excited about the possibilities this development opens, both for our customers and our employees," said Mr Stein Frode Dulling-Ness, Chief Executive Officer of OTS. "For our team, the opportunity to continue developing OTS's strengths with the support that GTFL will provide is a great motivation and, in our opinion, key to the growth of our business."
Based in Pune, India, Garware Technical Fibres Limited is a trusted global company in the manufacturing of engineering polymer solutions. With a 50-year track record and a client base around the world. In this alliance, OTS brings deep technical knowledge in high-performance rope solutions and excellent relationships in the North Sea and European markets. GTFL, on the other hand, is recognized for its reach global, their advanced solutions based on applications, their robust systems and their extensive experience in R&D.
