New owners and new initiative

New owners and new initiative

February 10, 2009

Narvik University College has become a part-owner of Norut Narvik and the Nordland County Council has become a part-owner of Norut. The agreement signed on February 6 was not a coincidence.

Until now, Norut Narvik has been 100 percent owned by the Norut Group. However, this will not be the case in the future. From now on, Narvik University College will have a 34 percent shareholding in Norut Narvik.

At the same time, Narvik University College has sold its 3.9 percent share in the Norut Group to the Nordland County Council for NOK 3 million and it was these funds which it used to buy the shareholding in the subsidiary Norut Narvik.

Technology City of the North

This is another step to strengthen the technology city Narvik.

When asked to comment on the practical significance of this change in ownership, the Managing Director of Norut Narvik, Terje Nordvåg, replies: "We already have a close and strong collaboration with Narvik University College. With this acquisition, the collaboration becomes even stronger and the Narvik community as a whole gets more weight."

The CEO of Norut Group, Ivan C. Burkow, agrees with Nordvåg and adds: "This change of ownership is important for the North Norwegian technology initiatives based on the knowledge environments in Narvik. This forms the basis for strengthened technology collaboration within education, research and development."

This collaboration is completely in line with the national initiatives in the High North, says Burkow.

"A more formal collaboration is an important basis for further development," he says, adding: "In important fields such as petroleum, energy, environment, transport and infrastructure, the research community in Narvik will have much to contribute in the years to come."

Norut invests in Tromsø and Narvik

Last summer Norut launched its heavy investment in biotechnology. This initiative is attached to the research community in Tromsø and Norut Tromsø. Now it's Norut Narvik's turn. Arctic technology is a central element of the High North research initiative and in this area the competence community in Narvik is already in a strong position.

"The fact that the Nordland County Council is entering as a part-owner of the group suits very well when you look at what is happening in Narvik at the moment," says Ivan C. Burkow.

This is what Norut's current ownership chart looks like. It will soon need to be changed.