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Orkla’s sale of Salvesen & Thams completed

Bjørn Wiggen and Åge Korsvold.

Bjørn Wiggen and Åge Korsvold.

The sale of Salvesen & Thams to a consortium of local investors in Trøndelag, headed by former Orkla CEO Bjørn M. Wiggen, has now been completed.

Under the transaction completed by Orkla ASA and Thams Invest AS, Thams Invest AS has acquired 100% of the shares in Salvesen & Thams AS for NOK 137.4 million. The total value of Salvesen & Thams has thus been pegged at NOK 235 million. Orkla will have an ownership interest of 12.78% in Thams Invest.

Salvesen & Thams comprises three business areas: Power, Real Estate and Investments. The company is located at Løkken Works, and has 9 employees.

The guest residence at Løkken will remain in Orkla’s ownership, while Løkken Church has been donated as a gift to the Meldal Joint Parish Council, together with a maintenance fund of NOK 1 million. The historical properties attached to the Thamshavn railway have been donated to the Orkla Industrial Museum Foundation, in addition to which Orkla has established the Orkla Museum Fund Foundation, with initial capital of NOK 20 million, to ensure that Orkla’s history at Løkken Works is preserved. The Board of the Foundation will consist of one representative each from Meldal Municipality, Orkdal Municipality and Orkla ASA. The fund will be used to safeguard the mining history of Løkken Works and ensure the continued operation of the Thamshavn railway.

Thams Invest AS was established with shareholders’ equity of NOK 144 million. The largest shareholders are Tenga AS (Bjørn M. Wiggen) 20.45%, Gjensidige Orkla Forsikring (19.17%), Orkla 12.78%, Meldal Sparebank 9.58%, Orkdal Sparebank 9.58% and Sparebank1 SMN Invest AS 9.58%. The remaining shares are held by local investors, including five Salvesen & Thams employees who have a 3.2% shareholding. The Boards of Thams Invest AS and Salvesen & Thams AS will consist of Bjørn M. Wiggen (Board Chair), Svein Sivertsen (Deputy Chair), Steinar Grefstad, Jan Haabrekke, Silje Garberg Ree and Arve Slørdahl.

“We are pleased that the sale of Salvesen & Thams is now being completed through investments by new local shareholders aimed at further developing the company. There has been a good dialogue with both the new shareholders and with our partners who will continue the efforts to preserve the history of this area. We wish the new owners every success and are happy that we will continue to be involved as a minor investor in the company,” says Orkla President and CEO Åge Korsvold.

“The completion of the agreement has proceeded as planned, and we are delighted about the positive reception and interest shown by the local community, investors and partners. We have a good basis for further developing the company to achieve growth and create value in the region,” says Bjørn M. Wiggen, Chair of the Board of Thams Invest AS.