16.07.2013

Cargotec's MacGregor acquires Hatlapa

The MacGregor division of Cargotec has acquired the Hatlapa Group, merchant ship and offshore deck equipment producer in a deal that values the business at €160 million.

Privately held Hatlapa is based in Uetersen, Germany, and produces a wide range of winches, steering gears, compressors, multi-deck-handler cranes, and other winch related handling equipment. The company's service business includes spare parts, maintenance, refurbishment and training.

Cargotec says that the acquisition will strengthen MacGregor's portfolio and market position and make it a global leader in winches.

Hatlapa was founded in 1919 and employs 585 of which the majority is located in Germany, Norway and Asia. Its sales this year are expected to be around ﾀ120 million. The company has production facilities in Germany and Norway for strategically important components and products, while two thirds of its production is outsourced to third parties.

Hatlapa's three shareholders will continue to have an active role in the business and are in fact providing a €35 million capital loan to Cargotec as part of the deal, which can be transferred to MacGregor equity prior to its planned stock market flotation.

The company will be fully integrated into MacGregor and will continue its business as a new business line within the company. The acquisition is subject to regulatory approvals from competition authorities, which are expected to be received during the second half of 2013.

MacGregor president Mikael Mäkinen said: "This acquisition is an important step in executing MacGregor's growth strategy and providing customer-focused solutions in both merchant shipping and offshore segments. The markets are consolidating and MacGregor wants to take an active part in this development. Hatlapa complements MacGregor's present offering and Hatlapa's strong position in winches will make us a leading player in global winch markets."

"We see a significant growth potential in offshore and are now better equipped to grasp those opportunities. Hatlapa has an excellent management with pioneering attitude similar to MacGregor. Together we make a strong team with good results. Hatlapa also provides excellent opportunities within services."

Hatlapa chairman Hubertus Hatlapa added: "MacGregor provides us access to a larger customer base and unique world-wide service network. Joining forces creates exciting opportunities for innovation and expansion into new markets. Our operating culture is alike and becoming a member of MacGregor is seen as positive news to all of us at Hatlapa."