Indian rope and netting manufacturer Garware Technical Fibres is putting down new roots on the European market it already supplies, with the acquisition of Norwegian specialist rope manufacturer OTS.
Based in Valderøy, Offshore & Trawl Supply (OTS) is a leading supplier to a variety of industry sectors, including fishing and aquaculture. Under the terms of the acquisition, the shareholding in OTS is acquired by Garware’s Garware Technical Fibres UK. This serves to strengthen Garware’s presence on the European market.
Garware already exports more than 60 % of its production to customers in more than 75 countries, and the company states that Norway has always been one of the key international markets.
‘This acquisition is more than a portfolio addition—it is a strategic alignment with our mission of co-creating locally relevant and globally scalable innovations that deliver value to our customers,’ said Garware Technical Fibres managing director Vayu Garware.
‘OTS is known for its engineering excellence and industry-leading solutions across Norway and international markets. Together, we will be able to extend their reach globally and accelerate innovation in this domain.’
‘We are excited about the possibilities that this development unlocks, both for our customers as well as our employees. For our team, the opportunity to further develop OTS strengths with the support GTFL will provide is a strong motivation, and we believe, a key to scaling our business,’ commented OTS CEO Stein Frode Bulling-Ness.
