Garware Technical Fibres Limited (GTFL), a manufacturer of technical textiles, is acquiring Offshore & Trawl Supply AS (OTS), a Norway-based company specialising in advanced synthetic cordage solutions. This acquisition will be through GTFL’s wholly owned subsidiary, Garware Technical Fibres UK. The deal is valued at 122 million Norwegian Krone (Rs 104 crore). It will be completed by September ’25
OTS produces products for various industries, including offshore oil and gas, aquaculture, marine services, and commercial fishing. Garware’s primary focus areas include aquaculture, fisheries, geosynthetics, and sports. This acquisition aims to enhance GTFL’s offerings in offshore and aquaculture sectors, broaden its presence in Europe, and promote capital-efficient, innovation-driven growth, Vayu Garware, chairman and managing director, GTFL, said. Following the acquisition, OTS will operate as a wholly owned subsidiary of GTF UK and, in turn, as a step-down wholly owned subsidiary of GTFL.
Headquartered in Valderoey, near Alesund, Norway, OTS is recognised for its premium, value-added synthetic cordage solutions. The acquisition is expected to be funded through GTFL’s internal accruals.