February 23 - Panalpina today announced it was acquiring Grieg Logistics, a Norwegian forwarder, subject to the approval of local competition authorities.

In a statement, Panalpina said Grieg's 100 employees would be retained. Both parties declined to disclose the purchase price but Panalpina revealed that the acquired entity would be renamed and trade under the namePanalpina Grieg for an interim period.

Rune Birkeland, Grieg Logistics' CEO, will remain with the Grieg Group, while Erik Hutter, who has managed Panalpina's oil and gas industry vertical for the past nine years, will head up operations in Norway.

Panalpina said the acquisition of Grieg Logistics' core businesses would add approximately NOK400 million (USD71.1 million) to the Panalpina Group's annual turnover but said Grieg's maritime services and port operations were not part of the sale.

Monika Ribar, Panalpina CEO, said: "Grieg's commitment to operational excellence combined with its solid foundation in the oil and gas industry in Norway are in close synergy with Panalpina's leadership in the sector."