MacGregor buys TTS businesses

News Story
- 22 Feb 2018 ( #860 ) - Helsinki, Finland
2 min read
TTS Group's products include cargo and offshore cranes, RoRo access systems, hatch covers, winches and related services
TTS Group's products include cargo and offshore cranes, RoRo access systems, hatch covers, winches and related services
MacGregor, part of Cargotec, has entered into an agreement to acquire the major businesses of TTS Group, a global provider of cargo handling equipment and services for merchant and offshore ships, for an enterprise value of EUR87 million (USD107 million).

The combination of two complementary businesses will produce greater scale and diversification and will strengthen MacGregor's portfolio and market position in key markets for cargo and load handling equipment. Based on preliminary estimates, potential cost synergies are estimated to be around EUR30-35 million (USD37-43 million) per year and are expected to be reached within three years from closing.

The acquisition will strengthen MacGregor's marine and offshore activities in key areas and add further service growth potential through the increased installed base. It will also strengthen MacGregor's position in China through the strategic joint ventures with Chinese state-owned ship building companies CSSC and CSIC.

TTS Group ASA and its shipyard solution business, TTS Syncrolift AS, are excluded from the deal.

TTS Group's main products include cargo and offshore cranes, RoRo access systems, hatch covers, winches and related services. The company's service business includes spare parts, maintenance, inspections, modernisation, conversion and training. With a worldwide workforce of around 930 employees, TTS has more than 50 years of experience in the marine industry.

The group has subsidiaries in Belgium, Brazil, China, Germany, Greece, Italy, Korea, Norway, Poland, Singapore, Sweden, UAE, USA and Vietnam. TTS operates mainly through three 50/50 owned joint venture companies in China.

Michel van Roozendaal, president of MacGregor, says the 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. TTS complements MacGregor's 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."
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Previously about:
Cargotec reports strong first-half performance News Story - 27 Jul 2023 - Helsinki, Finland - 2 min read
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