Norway: TTS Group Acquires Crane Specialist NMF

TTS Group Acquires Crane Specialist NMF

The Sietas receiver Berthold Brinkmann, as instructed by the creditor’s committee, conducted final negotiations with two bidders from Europe and Asia. The result: Neuenfelder Maschinenfabrik (NMF) was yesterday sold to the Norwegian TTS Group ASA. All that is left now is to obtain approvals from the creditors and the monopolies commission.

The receiver expects the transaction to be concluded in the first half of August.

Expected turnover of NMF in 2012 is 660 MNOK (88 MEUR). The last 5 years NMF has delivered marine cranes for a value of approximately NOK 5.3 billion (700 MEUR). At end May 2012 the value of cranes to be delivered (order reserve) was 713 MNOK (95 MEUR).

NMF (established in 1970) supplies marine cranes and lifting equipment in the range from small bulker cranes to super heavy lift cranes (1 000 tons). The company is the market leader for heavy-lift cranes (more than 150 tons) with more than 60% market share. NMF is also supplier of offshore heavy-lift cranes for the windmill industry. NMF designs, develops and manufactures the cranes with a workforce of 130 employees in rented premises in Hamburg.

NMF will become part of TTS existing activities in Germany, where the existing turnover is in the range of 750 MNOK (100 MEUR). NMF’s product range is complementary to TTS’ existing range. The synergies between TTS and NMF are considerable, especially within sales and marketing, service and manufacturing.

The purchase of NMF further strengthens TTS Group’s market position for marine and offshore cranes.

Berthold Brinkmann: “The sale of NMF to the large shipbuilding supplier TTS means we have now found substantial buyers for each of the three companies in the Sietas Group. This is good for the further development of the companies themselves and also good for the maritime sector in Hamburg, which will gain new momentum from strong shipbuilding companies like TTS, the Lürssen Group (Norderwerft) and the VeKa Group (Sietas Werft). This solution was welcomed unanimously today at the NMF staff meeting by the works committee and employees, particularly since TTS has also concluded a long-term rental contract with a purchase option for the company premises in Hamburg-Neuenfelde”.

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Shipbuilding Tribune Staff, July 9, 2012; Image: ttsgroup