10/11/1999 11:00 PM
Today the A.P. Moller Group acquires the international container business of Sea-Land Service, Inc. cf. the enclosed press release, which will be sent out today. The business taken over will be integrated with the A.P. Moller Group companies, where it naturally belongs, commercially or geographically.
For A/S Dampskibsselskabet Svendborg, Dampskibsselskabet af 1912 A/S and Tankers and Liners in Partnership, which together take over more than half the assets, the acquisition will give rise to estimated non-recurring expenses in 1999 of DKK 1.2 billion. This amount covers provisions for implementation costs, adjustments due to differences in accounting principles, etc. and is in accordance with previous expectations as indicated in the Interim Report.
In year 2000 and following accounting years the acquisition is expected to have positive financial impact.
Mr Knud Pontoppidan, Executive Vice President, phone no. +45 3363 3640.