09.02.2018

MacGregor acquires business from TTS

The MacGregor division of Cargotec has agreed the acquisition of Norwegian marine lifting company TTS Group - with the exception of TTS Group ASA and its Syncrolift business - for €87 million.

The deal is intended to strengthen MacGregor's market position in China through the joint ventures with Chinese state owned ship building companies CSSC and CSIC. TTS main products include a range of cargo handling and offshore cranes, RoRo access systems, hatch covers, winches and related services. The company employs 930 with subsidiaries in Belgium, Brazil, China, Germany, Greece, Italy, Korea, Norway, Poland, Singapore, Sweden, UAE, USA and Vietnam. It operates mainly through three 50/50 owned joint venture companies in China.

The businesses MacGregor is acquiring had revenues of around €161 million in the nine months from January to September. Approximately 27 percent is related to service revenues. Operating profit excluding restructuring costs was €4 million.

MacGregor president Michel van Roozendaal said: "This acquisition is an important step in executing our 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. TTS compliments our present offering and further strengthens our position. Combining the strengths of these two companies creates exciting opportunities for innovation and technology development during a time of industry transformation. With a large installed base on over 9,000 vessels the TTS portfolio will position us even better for our service business growth."

TTS Group chief executive Toril Eidesvik added: "The marine industry is moving towards larger, integrated units with global presence, offering a broader scope of products and services. In order to meet this challenge a combination of TTS's marine and offshore activities with MacGregor will be an important step in the consolidation process."