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MacGregor snaps up Hatlapa Group

MacGregor snaps up Hatlapa Group
Cargotec subsidiary MacGregor is to acquire Germany’s Hatlapa Group, in an agreement worth $209m.

Hatlapa's main business consists of supplying winches, steering gears, compressors and multi-deck handler cranes, as well as spare parts, maintenance, refurbishment and training. The company is expected to book sales totalling $157m in 2013.

“The markets are consolidating and MacGregor wants to take an active part in this development,” said Mikael Mäkinen, president of MacGregor. “Hatlapa complements MacGregor's present offering and Hatlapa's strong position in winches will make us a leading player in  global winch markets. We see a significant growth potential in offshore and are now better equipped to grasp those opportunities.”

Hatlapa will continue to sell as a new business line within MacGregor, and the acquisition will be subject to regulatory approvals from competition authorities, expected for the second half of 2013. Hatlapa’s three shareholders are to participate in a capital loan of $46m which in part consideration of the purchase price can be transferred to MacGregor equity prior to planned IPO. This arrangement supports planned IPO and MacGregor's growth plans.

"MacGregor provides us access to a larger customer base and unique world-wide service network. Joining forces createsexciting opportunities for innovation and expansion into new markets," said Hubertus Hatlapa, chairman. "Our operating culture is alike and becoming a member of MacGregor is seen as positive news to all of us at Hatlapa.”