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MacGregor's TTS acquisition postponed

Wednesday, 26 Jun 2019 ( #929 ) - Berlin, Germany
News Story
TTS Group's products include cargo and offshore cranes, RoRo access systems, hatch covers, winches and related services
MacGregor, part of Cargotec, has confirmed that its acquisition of the marine and offshore businesses of TTS Group ASA, announced in February 2018, has been delayed.

When the deal was struck, it was conditional on regulatory approvals from the competition authorities in Germany, South Korea and China.

MacGregor announced the approval from the German regulator in November 2018 and the approval from the South Korean regulator a month later.

MacGregor expected to receive approval from the competition authority in China in Q2 2019.

In a statement, the company says: "Due to a longer than expected regulatory process in China, the company currently expects closing of the transaction to take place in Q3 2019."

TTS Group ASA is a global provider of handling solutions and access systems and services for the marine and offshore industries. It is one of the top three largest suppliers in its specialised market segments.

TTS was founded in 1966 and has been listed on the Oslo Stock Exchange since 1995.
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