Eimskipafélag Íslands hf. - Company Announcement

Eimskip strengthens its position in the Netherlands by acquiring the reefer logistics company Extraco

The company's annual turnover is about EUR 19 million

Eimskip has strengthened its position in worldwide reefer logistics services by
acquiring 90% of the forwarding company Extraco Internationale Expeditie B.V.
in the Netherlands. 

Extraco was founded in 1991 and is located close to the port of Rotterdam, the
largest port of Europe. It services importers of chilled and frozen commodities
in the Netherlands, as well as providing import handling, warehousing, custom
brokerage and distribution of bulk, chilled and frozen commodities in Europe.
The company’s annual turnover amounts to approximately EUR 19 million. 

Extraco employs 19 people and the majority of the company’s current management
team will stay on board the company and own 10% share. The company will move
into Eimskip’s office in Rotterdam to achieve synergies and will form a reefer
logistics center with the other Eimskip identities there: European Transport
Services (E.T.S.), Eimskip Reefer Logistics and Jac. Meisner. 

This is the first of several accretive acquisitions that Eimskip will be making
in its core markets in the coming months. This acquisition will strengthen and
diversify the company’s freight forwarding services in the Netherlands. 

Gylfi Sigfússon, President and CEO of Eimskip

“We welcome Extraco and all of its customers into the Eimskip group and know
that the synergies, increased diversification and the valuable experience of
Extraco’s employees will help us to further strengthen our forwarding operation
in the Netherlands.” 

Dick de Weerdt, Managing Director of Extraco

“It’s my pleasure to announce that the management of Extraco has decided to
join the Eimskip group of companies. It is my firm belief that our customers
will benefit from Eimskip’s extensive logistics and shipping network. Our aim
to deliver high performance and superior reliability will remain our primary
goal at all times.” 

About Eimskip

Eimskip was founded in 1914 and is a publicly traded company with its shares
listed at Nasdaq Iceland. The company runs a network of 57 offices in 19
countries, operates 20 vessels and has around 1,600 employees. Approximately
half of Eimskip’s revenue comes from operations outside Iceland. The company’s
vision is to provide outstanding transportation services through a dependable
transport system in the North Atlantic and an extensive worldwide network of
reefer logistics services.