J. Lauritzen completes refinancing and begins new era with Lauritzen Bulkers and Lauritzen Kosan as individual entities.
J. Lauritzen announced today that the company has successfully completed its plan to establish its businesses as independent companies, Lauritzen Kosan A/S and Lauritzen Bulkers A/S. This will give flexibility for the two companies to develop their businesses as announced in conjunction with the publication of J. Lauritzen’s Annual Report for 2019.
As part of this strategy, Lauritzen Kosan and Lauritzen Bulkers have each been refinanced with long term financing from four Nordic core banks. Going forward, Thomas Wøidemann and Niels Josefsen as respective CEOs will report to newly established boards for each company. J. Lauritzen’s current General Counsel Dorte Rolf will become Managing Director of the new holding company to be named J. Lauritzen A/S. As part of the planned changes, current CEO Mads Peter Zacho will leave the Group.
J. Lauritzen CEO Mads P. Zacho says:
“I am pleased that the plan we have worked on since last year has been successfully implemented. We have refinanced the Group in the middle of the corona crisis, which shows the strength of J. Lauritzen’s relationships to our core banks."
Tommy Thomsen, Chairman of J. Lauritzen says:
“As owners of both Lauritzen Kosan and Lauritzen Bulkers we are pleased to see these plans fall into place and we give thanks to Mads Peter Zacho for leading this strategy to completion.
We now have a clear and durable structure, where each of the two businesses can use their strong market presence to compete efficiently and grow in their respective segments.”