All posts by Margrethe Harboe

Orkla invests in US ice cream ingredients and announces intention to seek a partner to further accelerate growth of its ingredients business

Business News, Food & Beverage

Orkla Food Ingredients (“OFI”) has entered into an agreement to purchase 84% of the shares in Denali Ingredients, which is a leading ice cream ingredients business in the USA. The purchase price on a 100% and cash and debt free basis is USD 200 million, equivalent to NOK ~2.2 billion.

Denali Ingredients has seen strong organic growth of more than 10% p.a. over the past 15 years. The company is headquartered in Wisconsin, where it carries out manufacturing at two facilities and has 160 employees in total.

“The acquisition of Denali Ingredients is a significant and natural step for OFI into the market for ingredient solutions for the US ice cream industry. The food ingredients sector is fragmented with significant potential for further consolidation and growth. Based on these opportunities we will now initiate a process to seek a long-term partner for OFI to accelerate growth and value creation.” says Nils K. Selte, President and CEO of Orkla.

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How Norway Plans To Stay Ahead In The Climate Tech Game

Business News, Technology

Norwegian startup stakeholders met this week during Oslo Innovation Week to discuss how to scale impactful solutions and overcome bottlenecks in order to stay ahead in the climate tech game.

The Oslo Innovation Week is a collaboration between public and private, startup organisations and corporates, local and global companies. The conference has since 2005 been supported by the City of Oslo, with the aim of bringing sustainable business solutions to the UN’s Sustainable Development Goals.

According to the data aggregator website Datawrapper, Norway is the country with the lowest vulnerability to climate change, while being the most skilled at managing to protect itself from dire climate disasters. This can imply climate mitigation policies and initiatives, but also to increase investment to finding technological solutions to avert climate change.

 

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Report: The Fund in a changing world— The Government Pension Fund Global and new economic and political developments

Business News, Financial / Investment, Government

The Commission was appointed by Royal Decree on 3 September 2021 to examine which international economic and political developments may be of relevance to the Government Pension Fund Global some years into the future, as well as their potential implications for the management of the Fund. The Commission is hereby submitting its report. Its recommendations are unanimous.

More information and report here.

Vil videreutvikle det bilaterale forholdet med USA

Business News, Government

I en rekke møter denne uken har forsvarsministeren diskutert USA og Norges langvarige og gode samarbeid. -Vi står i en spesiell sikkerhetspolitisk situasjon og vi ønsker å videreutvikle det tette samarbeidet vårt, sier forsvarsminister Bjørn Arild Gram (Sp).


Forsvarsministeren har møtt sentrale amerikanske beslutningstakere under sitt besøk til USA. Flere tema har vært tatt opp.

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Norge og USA tar initiativ til ny allianse mot miljøkriminalitet

Business News, Government

Klima- og miljøminister Espen Barth Eide tok sammen med USA initiativ til å danne en ny allianse mot miljøkriminalitet under et møte i New York i USA denne uka. Miljøkriminalitet er en av de største ulovlige økonomiene i verden. De som står bak, er ofte mektige aktører som opererer gjennom selskaper og kriminelle nettverk og profitterer stort på ødeleggelse av natur.

– Vi må øke innsatsen betydelig for å stoppe kriminelle aktører som bryter nasjonale og internasjonale lover i jakten på penger. Tusenvis av arter, skog- og havområder, urfolk og lokalsamfunn bærer kostnadene av deres handlinger. Disse ulovlighetene forårsaker stor skade og truer natur vi ønsker å ta vare på, sier klima- og miljøminister Espen Barth Eide.

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A Message from the Managing Director – September 2022

AmCham News

A Message from the Managing Director

Dear Esteemed Members & Partners –

In my many post-summer interactions with AmCham member company leaders, I am often struck by the pragmatism conveyed as related to change. Constant, unyielding and often painful, change seems to be at the forefront of your agendas, now more than ever.

During Arendalsuka, we learned that patient access to cutting-edge healthcare solutions requires a reboot (read “change”) of current procurement mindsets. Enhanced public-private collaboration is a lofty goal, but real-world programs like CONNECT – along with innovations from AbbVie, Cisco, Microsoft and others – are how we are going to make a lifesaving difference for Norwegian patients.

In Stavanger, together with Ambassador Marc Nathanson, we championed bilateral energy technology collaboration – in the Houston Pavilion – during a dizzying ONS week focused upon energy security and transition.

Jason Turflinger

Photo of building: Royal Norwegian Embassy

One week later, we were curtly informed that Norway’s Houston Consulate will be closed in 2023. The change is “intended to enable the Foreign Service to provide better assistance to Norwegian companies.” We and our friends in Texas and Stavanger will need help in understanding the Foreign Ministry’s changed strategic priorities and US regional focus going forward.

Energy pricing, both domestically and for Norway’s gas exports to Europe – has become what may be the current government’s defining issue. AmCham’s energy intensive member industries are of course impacted, but are generally scaled to adjust and adapt. Norwegian Continental Shelf assets, on the other hand, are produced by Norwegian and international companies. Any government led change initiatives to stabilize NCL gas prices must include input from all relevant stakeholders.

As I write this letter, Governor Jay Inslee and his Washington State trade delegation are busily making their way to meetings in Oslo, Horten, Trondheim, Ålesund and elsewhere. The first of many post-pandemic US trade delegations to come, Washington delegates are focused on change-enabling partnerships in Norway – especially within “energy, technology, sustainability and improvements to correctional facilities.”

Prime Minister Støre and Defence Minister Gram are also currently on transatlantic tour, as were Stortinget’s Finance and Public Administration Committees recently. US-Norway security, energy and climate change policies are being coordinated and adapted to changing geopolitical realities.

Looking ahead, our change-laden AmCham community will happily have multiple Q4 opportunities to meet and exchange via our Mentorship Program, Financial Forum, Sustainability Forum, Rising Leaders Program, and multiple working groups. Of note, and on the subject of imminent change, please join our US Midterm Election briefing with White House Correspondent Jon Decker on October 24th. Do also register soon for our annual Thanksgiving Charity Dinner on November 22nd. Seats for the latter are limited and will shortly be fully subscribed.

Since the summer break and continuing over the coming weeks, my colleagues and I will be reaching out to many of you for in-person updates on how your transatlantic companies are adapting and preparing for the precarious road ahead. Common, cross-industry themes and challenges are already apparent – both persisting and new. Our work together continues in earnest!

Washingon Seal
Source: Washington Secretary of State

Norway Wealth Fund Sets Net-Zero Target for Portfolio Firms

Business News, Financial / Investment

Norway’s $1.2 trillion sovereign wealth fund will require the companies it invests in to reach net-zero emissions by 2050 at the latest, joining many global investors in setting such goals to prevent the financial risks from a “delayed transition.”

Just 10% of companies in the wealth fund’s portfolio have a net-zero target for 2050, even as many have taken strides toward emission targets, Norges Bank Investment Management Chief Executive Officer Nicolai Tangen and Chief Governance and Compliance Officer Carine Smith Ihenacho wrote in an op-ed in Dagens Naeringsliv.

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Applicant for production licenses on the Norwegian Continental Shelf

Business News, Energy, Government

The Ministry of Petroleum and Energy has received applications from 26 companies in connection with the announcement of APA 2022.

— We need exploration and new discoveries to maintain the production of oil and gas over time, which is important both for Norway and Europe. The applications in TFO 2022 show very good interest among the companies active on the Norwegian continental shelf in exploring for new petroleum resources. This is very pleasent, says Minister of Petroleum and Energy, Mr. Terje Aasland.

Awards in predefined areas (APA) is the annual licensing round for the best-known exploration areas on the Norwegian shelf. It comprises the majority of the available exploration areas.

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Space Force Partners with Norway to Launch Arctic Comms Satellites

Business News, Defense / Security

To extend the service life of the U.S. military’s current Arctic communications system, the Space Force will deploy a pair of communications payloads on Norwegian satellites in early 2023.

The Arctic region is notoriously difficult for communications systems. “Communications satellites operating in geostationary Earth orbit do not cover the area of the Arctic,” according to the European Space Agency. “Even when a link can be made, it can be prone to interruption from icing on antennas, or from disruption caused by heavy seas.”

In 2019, the U.S. military established 24/7 protected communications for warfighters in the polar region when the Enhanced Polar System, or EPS, was declared fully operational. Hosted on satellites in highly elliptical orbit, the two EPS payloads provide around-the-clock military communications at latitudes of 65 degrees north and above.

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Vestre på grønt industribesøk i USA

Business News, Government

Næringsminister Jan Christian Vestre besøker denne uken USA for å styrke næringslivssamarbeidet som har dype historiske røtter. Mer målrettet samarbeid om grønn teknologi og muligheter for norske bedrifter, står sentralt under besøket.

– Det grønne toget går nå. Det er et nytt politisk momentum i USA som er bra både for å nå klimamålene, men også for å øke norsk eksport. Norske bedrifter er allerede verdensledende på flere områder og leverer klimaløsninger som kloden trenger. Både på amerikansk og norsk side jobbes det nå mer målrettet enn tidligere med å forme fremtidens næringsliv. Dette gir muligheter som det er kritisk å utnytte, sier næringsminister Jan Christian Vestre.

I Washington møter Vestre blant annet representanter i Det Hvite Hus, Næringsdepartementet og  Utenriksdepartementet.

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