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UNITOR ACQUIRES 100 PERCENT OF THE SHARES OF SVENSKA SKUM AB

 KOLBOTN, Norway, Dec. 9 /PRNewswire/ -- Unitor Ships Service AS (UNITOR) today reported that, effective Jan. 1, 1994, it will acquire all of the outstanding shares of Svenska Skum AB, the Swedish fire extinguisher company, headquartered in Kungaelv, Sweden, according to Karsten Houm, managing director. Svenska Skum AB will be operated as a wholly owned subsidiary of UNITOR. Terms of the transaction were not disclosed.
 Svenska Skum had annual sales of NOK 65 million ($8.8 million) in its most recent fiscal year, Houm said. "Founded in 1933, the company has achieved international recognition for its advanced technology in fire extinguisher systems for the marine, offshore and industrial markets," he added.
 "The acquisition of Svenska Skum AB gives UNITOR a broader and considerably improved product range in this field and strengthens UNITOR's market position. It will further give our company greater control through the entire production process and, as a result, will improve the firm's competitive strength," the managing director said.
 "Currently, UNITOR has annual fire-extinguisher-system sales in the marine market of approximately NOK 140 million ($18.9 million)," Houm said. "By transferring a significant portion of this production from outside contractors to Svenska Skum, UNITOR will become more cost-effective and should be able to increase market share."
 UNITOR supplies high-quality maintenance products and equipment to the international merchant fleet of over 23,000 vessels. It has been listed on the Oslo Stock Exchange since 1978 and its ADRs have traded on the "Pink Sheets" (Symbol: 3UNSSY) since April 1991. Each UNITOR ADR is the equivalent of one Norwegian UNITOR share.
 Currency exchange rate: U.S. $1 equals NOK 7.3963
 NOK equals Norwegian krone
 -0- 12/9/93
 /CONTACT: Philip L. Thomas of The P.L. Thomas Group, 312-906-8060, for UNITOR/
 (3UNSSY)


CO: Unitor Ships Service AS; Svenska Skum AB ST: IN: MAR SU: TNM

ML -- DE016 -- 2186 12/09/93 11:56 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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