The founder and his influence
Founded in 1896, Norwegian entrepreneur and industrialist, Sam Eyde, played a significant role in the start-up phase of Arendals Fossekompani. A trained civil engineer, Eyde saw the potential in the waterfalls of the Arendal watercourse. Under his leadership, construction of the Bøylefoss Hydropower plant began in 1911. Power production started in 1913. That same year, Arendals Fossekompani was listed on the Oslo Stock Exchange.
Eyde’s reputation continued to grow as he cemented his status as a prolific industry developer. A local from Arendal, he was one of the founders of Arendals Fossekompani and Norsk Hydro. From 1900 onwards, he also launched Elkem, Store Norske Spitsbergen Kullkompani, and Falconbridge. Eyde contributed to the establishment of more than 30 companies. Collectively, these have been significant to the overall development of Norwegian industry.
A new century
Eyde’s approach to leveraging natural resources became central to our company’s foundation. And over the course of a century, Arendals Fossekompani evolved from a hydropower producer to industrial investment company. In the 1960s, we expanded the company’s mandate to include industrial ventures and real estate. By the 2000s, Arendals Fossekompani had established itself as a global investor.
In 2023, local Arendalite, Benjamin Golding, stepped into the role as Chief Executive Officer. With a background from industry and banking, he came equipped with a clear, long-term perspective on industrial ownership and value creation.
Over his three years in the role, Golding has focused on building long term sustainability and value creation in the portfolio. Now at the horizon of the company’s 130th year, he reflects on Eyde’s legacy and shares his perspective on the journey ahead.
Stepping into the leader role of a 130-year-old company is no small task. What surprised you most in your first year as CEO?
Luckily, I wouldn’t say there were any big surprises. Before joining I had spent time studying the company and our portfolio from the outside, so I had a pretty good picture of the business. And of course, high expectations. Getting to know the people and companies from the inside confirmed and exceeded my expectations.
What relevance does Sam Eyde’s legacy have for your leadership today?
To this day, tens of thousands of jobs and several hundred billion kroner in annual revenue can be attributed to Sam Eyde’s initiatives. So, he is definitively a huge source of pride and inspiration for all of us here at Arendals Fossekompani. For me personally, I feel privileged to be part of continuing the work he started, innovating and developing industries that bring the world forward.
The world economy is facing increasing uncertainty and rapid change. What is it like to lead a global company in these turbulent times?
Not boring! It has become increasingly difficult to predict what the world will look like twelve, six, even one month ahead, so we need to think differently about planning and strategy. We try to focus on building robustness to sustain shocks, and flexibility to capture opportunities and adapt to change.
An important advantage we have is that our portfolio is very diversified. This means that an event that may be negative for one company might drive value in another. We have seen several examples of that over the past couple of years.
Since you joined in May of 2023, what are you most proud of?
Obviously, everything we do here is a team effort. Having said that, there are several highlights worth mentioning; one is the restructuring and repositioning of Volue, another is the turn-around under way in Tekna. Overall, I am proud of how we have managed to focus and de-risk the portfolio over the past three years since the “green bubble” burst.
You’ve spoken about long-term industrial ownership. What does that mean in practice when markets increasingly reward short-term performance?
I would say it means avoiding the temptation to sub-optimize short-term gains, and staying fixated on the actions we believe will drive value over the longer term. Sometimes this means taking a hit or risk now, to gain a stronger position in the future. That’s not always an easy thing to do.
If Sam Eyde were alive today, what do you think would excite him most about Arendals Fossekompani?
Sam Eyde was a true entrepreneur who saw the potential in the waterfalls of the Arendal watercourse and acted on it. He wanted to build power and industry for generations to come. Since then, Arendals Fossekompani has come a long way based on his legacy. I think he would be excited to see the portfolio of future-oriented businesses that is Arendals Fossekompani today, as well as the scope of opportunities that lies ahead of us.
Where do you see Arendals Fossekompani in fifty years?
I believe Arendals Fossekompani will continue to expand and grow, taking Eyde’s legacy to the next level. We will remain committed to our values and to driving industrial and technological development while maintaining a strong base in Arendal.
