Garware Technical Fibres Limited (GTFL) has reached an agreement to acquire Offshore & Trawl Supply AS (OTS), a leading Norwegian provider of synthetic rope solutions. This move is part of GTFL’s strategy to expand its presence in Europe and enhance its product offerings for the offshore and aquaculture sectors.
The acquisition was announced by GTFL’s UK subsidiary, Garware UK, through a Share Purchase Agreement. “This acquisition marks a key milestone in Garware’s global growth trajectory and reinforces its commitment to delivering innovative, high-performance solutions to customers around the world,” said Vayu Garware, Chairman & Managing Director of GTFL.
OTS is known for its high-quality synthetic ropes used in industries such as offshore oil and gas, aquaculture, and commercial fishing. Headquartered in Valderoey, Norway, OTS’s products align with GTFL’s current offerings and create opportunities for expansion into new markets. “This acquisition is a strategic alignment with our mission to co-create locally relevant and globally scalable innovations that bring value to our customers,” Vayu Garware added.
The deal will also bring a team of skilled Norwegian engineers to GTFL, enhancing its technical capabilities. Rolf Arne Gtskeadegard, founder of OTS, and his management team have established a reputation for innovation and resilience in the industry.
Stein Frode Dulling-Ness, CEO of OTS, expressed enthusiasm about the acquisition: “We are excited about the possibilities this development opens up for both our customers and our employees. For our team, the opportunity to further develop OTS’s strengths with the support that GTFL will provide is highly motivating and, in our view, key to the growth of our business.”
With a history spanning 50 years, Garware Technical Fibres is renowned for its engineering expertise and global reach in the technical textiles market. The acquisition of OTS is expected to boost GTFL’s ability to deliver advanced solutions in the competitive European market.
