Marine Log

June 12, 2006

Cargotec to acquire BMH

MacGregor Group's parent Cargotec Corporation has signed an agreement to acquire BMH Marine AB, a Swedish company specializing in dry bulk handling equipment on ships and at port terminals.

The business will become a part of the MacGregor business area providing marine cargo handling solutions.

BMH Marine is currently owned by Swedish-based Catella Private Equity and private shareholders including company management.

The debt-free acquisition price is approximately Euros 32 million. The acquisition is subject to competition authority approval.

BMH Marine's key offering is handling equipment for bulk terminals and self-unloaders.

The key market area is Asia, which represents almost half of sales. Service represents over 30 percent of sales revenue.

BMH Marine employs some 140 people.

"We are very pleased with this agreement. BMH Marine expands our offering into the growing market of dry bulk handling solutions. The company's business model of no own production facilities is an excellent fit into MacGregor's business model. With a profitability level similar to MacGregor's and strong order book growth during this spring, we expect BMH Marine to support our overall development this year", states Cargotec's President and CEO Mikael Makinen.