Torm now has MEP scrubbers on 50 of its vessels. Image Credit: Torm
Shipping company Torm has bought a majority stake in a company that produces scrubbers.
Torm now holds a 75% stake in Denmark's ME Production (MEP), the company said in a statement on its website on Tuesday.
The two companies have been working together in a joint venture over the past year to produce scrubbers and energy reduction systems for the shipping industry. Torm now has scrubbers produced by MEP and the joint venture on 50 of its vessels.
Torm has acquired its stake from founder Jens Peter Faldt, who will continue as CEO and retain the remaining 25% of the company's shares.
"With the new ownership structure with TORM, MEP will have a stronger foundation to support the development of the business," Faldt said in the statement.
"Our mission is still to create cleaner air by developing more green solutions and helping our customers to reduce their environmental footprint.
"That ambition is strengthened now that we are able to combine MEP's capabilities in research and production of emission-saving equipment with TORM's shipowning and ship management experience."