History
The company Ulstein Mekaniske Verksted was established in 1917 by Martin Ulstein. At age 23, he founded the company to modify local fishing boats, which were undergoing a global transition from sail-power to motorization. Martin Ulstein borrowed money from Ulstein Sparebank, with his father acting as guarantor, acquired 800 square metres (8,600 sq ft) of land from his uncle and set up shop with his brother-in-law and business partner Andreas Flø.
After Martin Ulstein's sudden death, the company was run for a long duration by his wife, Inga Ulstein. Her six children, Dagny, Inger, Magnulf, Kolbein, Idar, and Ragnhild (especially Kolbein and Idar) were responsible for the growth of the company to an employer of around 2,800 people in 1992.
Vickers acquired Ulstein Group AS except the shipbuilding division in 1999, then Rolls-Royce acquired Vickers a few months later.
The current CEO of Ulstein Group is Gunvor Ulstein, granddaughter of the late founder Martin Ulstein. Her brother, Tore Ulstein, is chairman of the board.
Read more about this topic: Ulstein Group
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