Stolt-Nielsen Limited (Oslo Bors: 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.
"While office relocations are always difficult, the move is hard to argue against," said Niels G. Stolt-Nielsen, CEO of SNL. "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."