Kværner: Difference between revisions
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Kværner was founded in [[Oslo]] in 1853 and listed on the [[Oslo Stock Exchange]] in [[1967]]. By the 1990s, Kværner assembled a collection of engineering and industrial businesses, including [[shipbuilding]], construction of offshore [[oil platform|oil and gas platforms]], production of [[Wood pulp|pulp]] and [[paper]] manufacturing equipment and operation of [[Shipping|shipping fleet]]. |
Kværner was founded in [[Oslo]] in 1853 and listed on the [[Oslo Stock Exchange]] in [[1967]]. By the 1990s, Kværner assembled a collection of engineering and industrial businesses, including [[shipbuilding]], construction of offshore [[oil platform|oil and gas platforms]], production of [[Wood pulp|pulp]] and [[paper]] manufacturing equipment and operation of [[Shipping|shipping fleet]]. |
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In [[1992]] Kværner acquired the [[Sweden|Swedish]] company [[Götaverken]]. In [[1996]], Kværner acquired the UK conglomerate [[Trafalgar House (company)|Trafalgar House]] and moved its international headquarters from Oslo to [[London]].<ref>[http://www.iht.com/articles/1996/02/28/traf.t.php |
In [[1992]] Kværner acquired the [[Sweden|Swedish]] company [[Götaverken]]. In [[1996]], Kværner acquired the UK conglomerate [[Trafalgar House (company)|Trafalgar House]] and moved its international headquarters from Oslo to [[London]].<ref>[http://www.iht.com/articles/1996/02/28/traf.t.php Kvaerner Is Close to Bidding for Troubled Group: Lifeline for Trafalgar House?]</ref> It added further acquisitions, financed predominantly by debt, until the economic slowdown in [[2001]] and a series of management missteps brought the company to the brink of bankruptcy. In November 2000, Kværner sold its Construction Division to the Swedish company [[Skanska]]. |
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In November 2001, Kværner was forced to merge with its rival [[Aker ASA]], a Norwegian oil services group controlled by [[Kjell Inge Røkke]]. Røkke scuppered the solution preferred by Kværner's management, a rescue by Russia's oil giant [[Yukos]]. Kværner's international headquarters returned to Oslo and Kværner was restructured to become a holding company, with operating activities concentrated in [[Aker Kværner]] and [[Aker Yards]]. As of [[2005]] Kværner ASA was merged with Aker Martitime Finance AS, a wholly owned company of Aker ASA and the Kværner corporation ceased to exist. |
In November 2001, Kværner was forced to merge with its rival [[Aker ASA]], a Norwegian oil services group controlled by [[Kjell Inge Røkke]]. Røkke scuppered the solution preferred by Kværner's management, a rescue by Russia's oil giant [[Yukos]]. Kværner's international headquarters returned to Oslo and Kværner was restructured to become a holding company, with operating activities concentrated in [[Aker Kværner]] and [[Aker Yards]]. As of [[2005]] Kværner ASA was merged with Aker Martitime Finance AS, a wholly owned company of Aker ASA and the Kværner corporation ceased to exist. |
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Revision as of 17:13, 5 May 2008
| Company type | Public |
|---|---|
| Industry | Heavy industry |
| Founded | 1853 |
| Headquarters | Oslo, Norway |
| Website | http://www.kvaerner.com |
Kværner was a Norway-based engineering and construction services company in existence between 1853 and 2005 when it was merged with Aker ASA. The Kværner name was used in the subsidiary Aker Kværner until April 3rd, 2008 when it changed name to Aker Solutions.
History
Kværner was founded in Oslo in 1853 and listed on the Oslo Stock Exchange in 1967. By the 1990s, Kværner assembled a collection of engineering and industrial businesses, including shipbuilding, construction of offshore oil and gas platforms, production of pulp and paper manufacturing equipment and operation of shipping fleet.
In 1992 Kværner acquired the Swedish company Götaverken. In 1996, Kværner acquired the UK conglomerate Trafalgar House and moved its international headquarters from Oslo to London.[1] It added further acquisitions, financed predominantly by debt, until the economic slowdown in 2001 and a series of management missteps brought the company to the brink of bankruptcy. In November 2000, Kværner sold its Construction Division to the Swedish company Skanska.
In November 2001, Kværner was forced to merge with its rival Aker ASA, a Norwegian oil services group controlled by Kjell Inge Røkke. Røkke scuppered the solution preferred by Kværner's management, a rescue by Russia's oil giant Yukos. Kværner's international headquarters returned to Oslo and Kværner was restructured to become a holding company, with operating activities concentrated in Aker Kværner and Aker Yards. As of 2005 Kværner ASA was merged with Aker Martitime Finance AS, a wholly owned company of Aker ASA and the Kværner corporation ceased to exist.
References
External links
Aker Group | |
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| People | |
