Spain’s Boluda Corporación Marítima has acquired the German towing company URAG and its subsidiaries URAG International and Lütgens & Reimers (L&R).
The sale of the Germany’s oldest tug operators comes following the firms’ financial problems.
The signing of the business acquisition took place in the German city of Hamburg, between Vicente Boluda Fos and Vicente Boluda Ceballos and Klaus Thesenfitz, president and owner of Linnhoff, a sales company.
According to Boluda, the acquisition is a strategic move as it places it in important German ports, such as Hamburg, the second in Europe, or Bremenhaven, the fourth most important European port.
The deal is part of the expansion program being carried out by Boluda Towage and Salvage, which has already been established in France, West Coast of Africa, Indian Ocean, Latin America and the Caribbean.
Boluda Corporación Marítima has created the company Boluda Deutschland, which will be in charge of the management of the German companies.
In addition to Hamburg and Bremenhaven, service will also be provided in Bremen, as well as port areas of Brake, Cuxhaven, Nordenham and Willhelmshaven, Boluda said.
The acquisition relates to a fleet of 18 tugs, both port and offshore, operating in seven ports and a staff of 140 people.