A.P. Moller - Maersk is spinning off Svitzer - including Svitzer’s subsidiaries and certain other assets and liabilities related to the company’s towing and marine service activities - into a new company, Svitzer Group, Maersk announces Friday morning.

The new company will have its first day of trading on the stock exchange on April 30.

When Svitzer stands on its own, Maersk’s shareholders will receive shares in Svitzer Group. 

Each A or B share with a nominal value of DKK 1,000 (USD 146) will receive two new shares with a nominal value of DKK 10, and each A or B share with a nominal value of DKK 500 will receive one new share with a nominal value of DKK 10, according to the statement.

The board of directors of the new company will include chairman Morten Engelstoft, who previously headed Maersk’s ports, and vice chairman Robert Mærsk Uggla, who is chairman of A.P. Moller - Maersk.

The final separation must go through an extraordinary general meeting.

The final step towards Svitzer’s IPO after more than 40 years as part of the Maersk Group is now within reach.

Dividends and stable growth will be the main focus for the tugboat company, which will have A.P. Moller Holding as its main shareholder, Svitzer has previously stated in an interview with MarketWire.

Svitzer’s financial statements for 2023 showed an operating profit (EBITDA) of DKK 1,690m and a revenue of DKK 5,786m. And in 2024, operating profit is expected to grow to DKK 1,700-1,800m, while revenue is expected to grow in the range of 3.5-5.0% in constant currencies.

Svitzer operates in 37 countries and 140 ports and is the largest international tugboat operator in a market characterized by many smaller players.

Translated using DeepL with additional editing by Kristoffer Grønbæk