Cargotec unit MacGregor is acquiring TTS, which sells a wide range of cargo handling and offshore cranes, ro-ro access systems, hatch covers, winches and related services.
MacGregor said the deal with an enterprise value of EUR87m would strengthen its marine and offshore activities, including in China with joint ventures with shipbuilders 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. The markets are consolidating and MacGregor wants to take an active part in this development,” said Michel van Roozendaal, president, MacGregor.
TTS has a base of over 9,000 vessels installed with its equipment. MacGregor expects annual cost savings of EUR 30 – 35m annually within three years.
“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 favourable to all TTS stakeholders in the long term," said TTS group ceo Toril Eidesvik.
More than two-thirds of TTS’ shareholders support the transaction.
TTS has a workforce of 930 and operates mainly through three 50 – 50 joint ventures in China. TTS Group ASA and its shipyard solution business, TTS Syncrolift AS, are excluded from the deal.