Press release: The operations of Norwegian Coating Technology AS is continued in the newly established company, Bandak NCT AS, after the bankruptcy
Sagamoen Invest AS has entered into an agreement with Notodden Utvikling AS to create a new company, Bandak NCT AS, to continue its business after the bankruptcy of Norwegian Coating Technology AS (NCT). Bandak NCT AS has entered into an agreement to purchase the equipment/assets from the location at Notodden and Undrumsdal, and will co‐locate this in Bandak NCT’s premises at Notodden. Sagamoen Invest AS will own 51.7% of Bandak NCT AS, while Notodden Utvikling AS will own 48.3%.
Bandak NCT AS will start with a crew tailored to the current level of activity, and is then expected to grow in line with market development. Joar Ajer, Managing Director of Bandak AS, will take the same position in Bandak NCT. A joint factory manager for the factories in Notodden and Undrumsdal will be in place within a short period.
“NCT has been a strategically important subcontractor to Bandak AS for many years and it has therefore been important for Sagamoen Invest AS, as owner of Bandak AS, to put in place a solution for further operations,” says Bjarne Moursund, Chairman of Sagamoen Invest AS. “During periods, Bandak AS has been NCT’s largest customer, and the company’s expertise in technical surface treatment based on chemical and electrochemical processes is partly unique in Norway. It is therefore of great importance for the sub‐supplier industry within the oil & gas and defense industry to retain this competence nationally and locally. ”
“We are pleased to have brought with us an industrial owner who is able to further develop the business at Notodden in line with an increasingly demanding market,” says John Terje Veseth, Managing Director of Notodden Utvikling AS.
About the companies:
Sagamoen Invest AS was created in the autumn of 2016 to rescue Bandak AS after the bankruptcy of the parent company Bandak Group AS. Sagamoen Invest AS owns 50.4% of BAJA AS, 31.9% of Telemark Development Fund and 17.7% of Nome Investment Company AS. BAJA AS is controlled by Bjarne Moursund, Arne Gavle, Joar Ajer and Anders Frisinger via respective investment company.
Notodden Utvikling AS (NUAS) is a company that works with business and urban development in Notodden municipality. The company is organized as a joint‐stock company where Notodden Municipality owns 57.5 percent, Hjartdal and Gransherad Sparebank 20 percent, Tinfos AS 20 percent and Notodden Næringsforening 2.5 percent. NUAS will contribute to the creation of new jobs, as well as contribute to improving conditions and competitiveness in the existing business community, including initiatives to coordinate measures that promote business development in the district. Sperrefrist: 15. mai 2017 kl. 16.00
Bandak NCT AS will provide technical surface treatment based on chemical and galvanic processes. The surface treatment products are part of system deliveries to offshore, defense, aerospace and mechanical industry, and customers are leading global technology companies within their respective business areas.
Bandak AS is a high‐tech supplier of advanced machining and mechanical system deliveries to leading equipment suppliers in the oil & gas, defense and maritime industries. Bandak, which is located in Lunde i Telemark, has just under 80 employees. The company has a modern and wide machine park for advanced mechanical production in addition to “surface engineering” based on thermal spraying of hard metal (eg tungsten carbide)
Bjarne Moursund, phone 977 75 005, email@example.com
John Terje Veseth, tel. 913 57 811, firstname.lastname@example.org