TORM plc (NASDAQ:TRMD) has fully acquired the remaining 25% of the Danish engineering company ME Production (MEP).
Sailors on the main deck of an oil tanker, watching as oil is being loaded.
Advanced energy and marine equipment is MEP’s area of expertise. In 2022, TORM plc (NASDAQ:TRMD) first purchased 75% of MEP. Since 2018, the two companies have worked together on initiatives such as producing more than 70 exhaust gas scrubbers for the company’s fleet. MEP will continue to function independently from Denmark’s Frederikshavn.
The acquisition will help the firm advance environmental innovation. MEP is creating solutions such as a heat pump system that uses waste heat to reduce energy use. TORM plc (NASDAQ:TRMD) credits its collaboration with MEP with achieving a 40% decrease in CO2 intensity by 2024, six years ahead of the IMO 2030 objective.
TORM plc (NASDAQ:TRMD) considers MEP to be an important hub for technical development, with approximately 90 contemporary boats in operation. The action supports long-term shipping decarbonization and is part of a deliberate push to scale clean maritime technologies.
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Disclosure. None.
