FEBRUARY 8, 2018 — 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 EUR 87 million.
TTS Group’s main products are a wide range of cargo handling and offshore cranes, RoRo access systems, hatch covers, winches and related services. The company’s service business includes spare parts, maintenance, inspections, modernization, 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.
A significant exclusion from the deal from the deal is TTS Syncrolift AS.
MacGregor says the acquisition will strengthen its 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 shipbuilding companies CSSC and CSIC.
“This acquisition is an important step in executing MacGregor’s growth strategy and providing customer-focused solutions in both merchant shipping and offshore segments,” says Michel van Roozendaal, President, MacGregor. “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
“The marine industry is moving towards larger, integrated units with global presence, offering a broader scope of products and services. 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 process, and is expected to be favorable to all TTS stakeholders in the long term,” says TTS Group CEO Toril Eidesvik.
TTS, which is to be renamed Nekkar ASA, will build its operation around its Business Unit Shipyard Solutions with its Syncrolift ship lift brand, and additionally seek new investment opportunities