21 November 2013

Major factory extension in Normanton for Norwegian multinational

Our commercial property team, headed by partner Simon Jackson, has successfully handled the procurement and development of a new facility for Kongsberg Automotive.

Kongsberg Automotive, a Norwegian multinational manufacturer of automotive parts with an annual turnover of 1bn Euros, has just opened a new factory in Normanton. This new development has led to the creation of 100 new jobs this year, with a further 70 in the pipeline for 2014.

The Shulmans team was involved in this transaction from early inception, negotiating the terms of the deal as well as financial matters. Altogether, the transaction took nearly 3 years, from start to finish, to come to fruition.

Reflecting on this successful transaction, Simon Jackson commented: "It has been fantastic to work with an inspirational business like Kongsberg that is continuing to develop in this economic climate. We congratulate the team on the opening of the new factory and wish them the best of luck with the new facility. We were involved from the inception of the transaction and actually helped the client to put the deal together by finding the appropriate third parties and then settling those Heads of Terms without which the development would never have ‘got off the ground’."