Release Date:
Release ID: 1210

Odense Staalskibsværft sells real estate companies

Odense Staalskibsværft A/S has sold Ejendomsselskabet Lindø A/S and Munkebo Forsyningsselskab A/S to Maersk A/S, effective 1 January 2007.

"The sale has allowed us to put more focus on building ships and to enhance the efficiency of our production", says Peter Jann Nielsen.

He adds that the strategic value of the residential units in regard to recruiting and retention of the Yard's employees has been reduced as only 25% of the units are rented out to the employees.

Peter Jann Nielsen emphasises that the sale of the real estate companies will not affect the residents. The only exception is a small number of units over which the tenants have first refusal due to legislation.

By selling the two real estate companies, the Yard will gain a profit margin of DKK 600 million. The purchase will not affect the financial result of the A.P. Moller - Maersk Group as it is a Group internal takeover. The A.P. Moller - Maersk Group intends to sell the properties at some point in the future.


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