Moreld AS has signed an agreement with IKM Gruppen AS to sell 100% of the shares in Flux Holding AS.
Flux Holding AS, through its subsidiary Flux AS, is a reliable supplier and service provider of umbilicals, valves, hoses, and couplings for power and fluid control applications. In addition, Flux provides complete solutions for oil and gas analysis, measurement, and laboratory solutions. The company has approximately 61 highly qualified employees and is located in Stavanger, Bergen, and Porsgrunn. Flux Group AS had a turnover of approximately 395 million NOK in 2022.
“IKM is familiar with parts of Flux’s business from previous ownership. With this acquisition, IKM will strengthen its position in the market, including valves and associated maintenance, and will further expand the range of products and services to our customers. The purchase provides IKM with new expertise and exciting development opportunities. “We look forward to an exciting ownership with many talented employees on board,” says IKM CEO Ståle Kyllingstad.
“Flux looks forward to having an industrial owner with a long-term perspective and becoming a part of one of Norway’s largest service companies in the energy sector. Together with IKM, we will be able to develop our products and services and expand our markets both in Norway and internationally, and, not least, deliver broader offerings to our customers,” says Flux CEO Rolf Lohne.
“Moreld is pleased that the strong development of Flux will now continue in IKM. We are confident that this will be very positive for customers, employees, and the organizations involved.” says the outgoing chairman of Flux and Moreld EVP, Jan Erik Rugland.
Flux Holding AS will change its name to IKM Flux AS.
The completion of the transaction is subject to approval from the Competition Authority.