July 20, 2007
Stolt-Nielsen splits Transportation Group
Stolt-Nielsen S.A. (Oslo: SNI) today said that Stolt-Nielsen Transportation Group will become two separate business units: Stolt Tankers & Terminals (ST&T) and Stolt Tank Containers (STC).
It said that the new structure will enable ST&T to "continue to focus on the global operational synergies between the tankers and terminals businesses" and that "STC will benefit from greater flexibility and focus to pursue its targeted growth strategy and markets worldwide."
The split is part of "organizational changes aimed at enhancing ... competitive advantage and operational efficiency across the company."
The changes take effect December 2007 and will also see implementation of a single Stolt-Nielsen S.A. (SNSA) corporate shared services structure combining HR, IT and Finance under the SNSA umbrella.
Commenting on the changes, SNSA CEO Niels Stolt-Nielsen said, "Optimizing SNSA's organizational structure will enhance our ability to achieve competitive advantage and support the successful implementation of our global growth strategy."
Stolt-Nielsen recently reported good underlying second-quarter operating performance in all of its divisions. Looking forward, the Company believes that its leadership positions in attractive markets and its operational strengths, underpinned by it's US$ 1.8 billion investment program, will allow SNSA to benefit from the growth opportunities created by the strong global economy.