MacGregor, part of Cargotec, has entered into an agreement to acquire the marine and offshore business activities of TTS Group, a global provider of cargo handling equipment, for EUR87 million (USD106 million).
The acquisition, according to Cargotec, will strengthen MacGregor's marine and offshore activities and its position in China, through the joint ventures with Chinese state-owned shipbuilding companies CSSC and CSIC.
TTS Group ASA and its shipyard solutions business, TTS Syncrolift, are excluded from the deal.
TTS Group's main products are cargo handling and offshore cranes, ro-ro access systems, hatch covers, winches and related services. The group has subsidiaries in Belgium, Brazil, China, Germany, Greece, Italy, South Korea, Norway, Poland, Singapore, Sweden, UAE, USA and Vietnam.
"TTS complements MacGregor's present offering and further strengthens our position," said Michel van Roozendaal, president, MacGregor. "Combining the strengths of these two companies creates exciting opportunities for innovation and technology development during a time of industry transformation."
The acquisition is subject to regulatory approvals from competition authorities, which are expected to be received during the third quarter of 2018.