The short story of Borg Ltd.
On 21 September 2007 all three companies, Højgaards Handilsvirki, Klement Petersen and Timburhandilin í Klaksvík, were joint under one name, Borg. The three companies, Højgaards Handilsvirki Ltd., Klement Petersen Ltd. and Klaksvíkar Timburhandil Ltd., are now in one company under the name Borg Ltd. KN Ltd. is the owner of Borg Ltd.. The owners of KN Ltd. were, until 1 August 2011, Jónsvein Knudsen, Rodmundur Nielsen and Jóhannus Danielsen.
From 1 August 2011 Rodmundur Nielsen is the only owner of the company. In October 2005 KN Ltd. took over the shares in Højgaards Handilsvirki Ltd. In May 2006 the company bought Klaksvíkar Timburhandil Ltd. and Klement Petersen Ltd. in Saltangará.
Today the company Borg is a commercial company with departments in Runavík and Saltangará.
Højgaards Handilsvirki Ltd.
The concern D.P. Højgaard was founded in 1906 by Dánjal Petur Højgaard from Toftir. After his death the name was changed to Højgaards Widow. When their sons Hans Olivur and Ingvard Højgaard took over the company the name was changed again. Now the company was called D.P. Højgaards descendants and became one of the largest shipping companies in the Faroe Islands.
In 1953 D.P. Højgaards descendants built the timber trade in Runavík. Højgaards Handilsvirki owned the timber trade which also was a shipping company.
In 1969 the company was divided into two Ltd. Højgaards descendants, Toftir and Højgaards Handilsvirki, Saltangará.
Højgaards Handilsvirki was a private company, the first managing director was the founder Ingvard Højgaard. After his death, Hans Jacob Hansen became managing director of the company. From beeing a shipping- and commercial company the company today is a commercial company under Borg Ltd.
Klement Petersen Ltd.
The company Klement Petersen Ltd. was founded in 1977. It was Klement Petersen and his son Símun Mittún who founded the company. Klement’s father, Ole Carl Petersen, started back in 1900 to buy and sell herring. About 30 years later Klement Petersen continued his business. At the same time he sold motors and was a farmer. During the war his business stopped but after the war he continued buying and exporting herring. In 1956 he also started selling dynamite and building material.
In the beginning of the 70’s Klement Petersen moved all his business from the small village Selatrað to Saltangará. The limited company was founded in 1977. His son Símun Mittún became the director and a few years later they built the commercial building in Saltangará
In May 2006 KN Ltd. bought Klement Petersen Ltd.
Klaksvíkar Timburhandil Ltd.
Klaksvíkar Timburhandil Ltd. was founded in 1930. It was J.F. Kjølbro Ltd. who founded the timber trade. The 20 December 1994 Klaksvíkar Timburhandil was sold to Jógvan, Petur Hans and Símun á Høvdanum. They owned the timber trade until 12 October 2005 when it was sold to Eivind Jacobsen and Símun Mittún. In May 2006 it was sold to KN Ltd.