MacGregor Acquires Marine, Offshore Businesses from TTS Group
- Business & Finance
MacGregor, part of Cargotec, has decided to acquire marine and offshore businesses from TTS Group, a provider of cargo handling equipment and services for merchant and offshore ships.
The two parties agreed the purchase price of EUR 87 million (USD 106.5 million) on an enterprise value basis.
As informed, MacGregor will buy all TTS’ assets except for TTS Group ASA and its shipyard solution business Syncrolift.
The acquisition is subject to regulatory approvals from competition authorities, which are expected to be received during the third quarter of 2018, the two companies said in separate statements.
MacGregor said the acquisition would strengthen its marine and offshore activities in key areas and add further service growth potential through the increased installed base. It would also strengthen MacGregor’s position in China through the strategic joint ventures with Chinese state-owned shipbuilding companies CSSC and CSIC, the company explained.
“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,” Michel van Roozendaal, President of MacGregor, commented.
“Combining the strengths of these two companies creates … opportunities for innovation and technology development during a time of industry transformation,” van Roozendaal added.
“The ships equipment industry is moving towards larger, integrated units with global presence… 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 of the industry,” Toril Eidesvik, CEO of TTS Group, said.