National, 25th June 2025, Garware Technical Fibres Limited (GTFL), a global leader in technical textiles and application-focused solutions across Aquaculture, Fisheries, Geosynthetics, Sports, and Industrial applications, today announced that its wholly owned UK-based subsidiary, Garware Technical Fibres UK Private Limited, has entered into a definitive Share Purchase Agreement (SPA) to acquire Offshore & Trawl Supply AS (OTS), a Norway-based provider of advanced synthetic cordage solutions for the offshore oil & gas, aquaculture, marine and commercial fishing industries. The acquisition marks a key milestone in GTFL’s global growth journey and reinforces its commitment to delivering innovation-led, high-performance solutions to customers worldwide.

A strategic fit with GTFL’s core mission

Headquartered at Valderoey, near Ålesund, Norway, OTS is a well-regarded European player known for its premium, value-added synthetic cordage offerings. Its product portfolio complements GTFL’s existing capabilities, while opening up new geographies, customer segments, and applications for mutual growth.

“This acquisition is more than a portfolio addition—it is a strategic alignment with our mission of co-creating locally relevant and globally scalable innovations that deliver value to our customers,” said Mr. Vayu Garware, Chairman & Managing Director, GTFL. “OTS is known for its engineering excellence and industry-leading solutions across Norway and international markets. Together, we will be able to extend their reach globally and accelerate innovation in this domain.”

Shared Vision and Strong Cultural Alignment

The acquisition also brings in a team of highly skilled Norwegian engineers and domain experts known for their technical depth, customer-centricity, and innovative mindset—qualities that closely reflect GTFL’s values and culture.

Founded and nurtured by Mr. Rolf Arne Giskeødegård and his leadership team, the company has built a legacy of innovation, resilience, and excellence over the years. Mr. Garware acknowledged the team’s contribution, saying, “We are excited to build on the strong foundation laid by Rolf and the OTS team, and to carry their legacy forward on a global platform.”

Financial Details and Outlook

The acquisition is proposed to be funded through internal accruals of GTFL. The transaction is EPS accretive as well as positive for ROCE, which is in line with GTFL’s focus on efficient capital allocation.

“We are excited about the possibilities that this development unlocks, both for our customers as well as our employees” said Mr. Stein Frode Bulling-Ness, the CEO of OTS. “For our team, the opportunity to further develop OTS strengths with the support GTFL will provide is a strong motivation, and we believe, a key to scaling our business”.