LONDON, Oct. 27, 2014 (GLOBE NEWSWIRE) -- Stolt-Nielsen Limited (Oslo Børs: SNI) announced its intention to relocate its tankers' staff in Norwalk, Connecticut to Houston, Texas. The move will consolidate the Company's U.S.-based staff in Houston, which is the port most frequently called by the global Stolt Tankers fleet. Stolt Tank Containers' U.S.-based personnel and the Company's largest wholly owned bulk liquid terminal are already located in Houston.
Approximately 60 employees will be affected by the move, which is expected to be completed by the end of 2015, at which time the Norwalk office will be closed. Costs of the relocation will be borne between now and the completion of the relocation.
Commenting on the relocation, Niels G. Stolt-Nielsen, Chief Executive Officer of SNL, said: "While office relocations are always difficult, the move is hard to argue against. Our customers are in Houston, the chemical industry is in Houston and our ships call in Houston. Consolidating our U.S. operations in Texas will allow us to better integrate our teams and achieve synergies not currently possible, both vital in today's increasingly competitive environment."
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. Grüner-Hegge
VP Corporate Finance
UK +44 (0) 20 7611 8985
About Stolt-Nielsen Limited
Stolt-Nielsen Limited (SNL or the "Company") is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas develops opportunities in LPG and LNG shipping and distribution. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange.
This press release contains "forward-looking statements" based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statement. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," and similar expressions. The forward-looking statements reflect the Company's current views and assumptions and are subject to risks and uncertainties. The Company does not represent or warrant that the Company's actual future results, performance or achievements will be as discussed in the those statements, and assumes no obligation to, and does not intend to, update any of those forward-looking statements other than as may be required by applicable law.
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)