The acquisition gives Wibax control of operations based in Turku, Finland and terminals along the Finnish coast as well as in Kunda, Estonia, Wibax said. Balitc Tank is a Finnish company that stores and handles liquid chemical products and bio-oils.
The transaction is part of Wibax’s goal of building a leading chemical supplier and logistics group, and to strengthen Wibax’s ability to offer services along the full value chain in the Nordic region, the company said.
Wibax currently operates 10 terminals and offices strategically located in locations across Sweden, Finland and Norway. With the acquisition of Baltic Tank, Wibax will further expand the storage capacity with eight terminals in Finland and one in Estonia.
“The acquisition of Baltic Tank is a strategic investment in Wibax’s future growth outside Sweden’s borders,” said Jonas Wiklund, group CEO of WIBAX. “Baltic Tank’s extensive network of terminals along the Finnish and Baltic coasts will contribute to an expansion that will increase the geographical reach of Wibax’s service offering for our current and future customers. Baltic Tank, just like Wibax, is a family-owned business with strong values that is in line with our own and we are now looking forward to welcoming them into the Wibax family.”
Wibax expects to complete the transaction in September.
“Together with Wibax, Baltic Tank will be able to further support its customers by offering wider range of services throughout the Nordic region”, said Tero Väyrynen, CEO of Baltic Tank.