Swedish chemical producer and distributor Wibax has bought Finnish chemical terminals operator Baltic Tank.
Baltic Tank provides logistics and storage services for bulk liquids including chemicals, oil products, biofuels, coating pigments and food-grade liquids, and its operations are based in Turku, Finland. It has eight terminals in Finland, including in Rauma, which has a capacity of 73,000 m3, Hamina, which has a capacity of 60,000 m3, and Kotka, which has a capacity of 50,000 m3. It also operates one terminal in Kunda, Estonia, which has a capacity of 52,100 m3.
Wibax already operates ten terminal and offices in Sweden, Finland and Norway, and says that the acquisition is part of its vision to become a leading chemical supplier and logistics group.
‘The acquisition of Baltic Tank is a strategic investment in Wibax’s future growth outside Sweden’s borders. 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,’ says Jonas Wiklund, Group CEO of WIBAX.
Wibax expects to complete the transaction in September 2020.