TRELLEBORG, Sweden—Trelleborg A.B. has completed the divestment of its oil and gas operations in Norway, the company said June 1.
The oil and gas unit had sales of $37.5 million in 2020, according to Trelleborg. The divestment was finalized April 29. "The transaction does not have any material impact on the Group's net profit," Trelleborg said in a news release.
In conjunction with a local partner, current management purchased the operation.
The operation mainly develops and manufactures rubber-based fire protection solutions and thermal insulation used in offshore oil and gas extraction, Trelleborg said when first announcing the deal in late April. The firm also said the decision followed a 2019 review of the business unit that determined divestment was the best alternative both for Trelleborg and the operation.
Trelleborg produces polymer seals and damping equipment for operations in harsh environments. The publicly held parent company has three main companies, including Trelleborg Industrial Solutions, Trelleborg Sealing Solutions and Trelleborg Wheel Systems.