Cargotec has signed an agreement with JCE Invest AB to establish a new joint venture, the Bruks Siwertell Group, specializing in dry bulk handling.
The new venture will combine Siwertell AB, previously part of the Kalmar Business within Cargotec, and BRUKS Holding AB, previously part of the JCE Group.
The two companies, both world-leading supplies of bulk handling solutions, signed and finalized the agreement on May 9, 2018.
President of Kalmar, Antti Kaunonen, said: “This joint venture supports Cargotec's strategy to focus on container ports, heavy industrial segment and logistics.
“Siwertell's business is outside these core focus areas, with different customers, customer locations and limited synergies with the rest of our businesses.
“By joining forces with JCE Group, we are able to create a company that will be a significant player in the bulk material handling with a globally competitive and specialised product portfolio.”
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Siwertell specializes in bulk terminal solutions, mechanical and pneumatic conveying systems, and a range of cargo unloaders — generating SEK 582 million in total revenues in 2017.
Managing Director of Siwertell, Per Karlsson, said: “This is a true partnership between two strong brands, Siwertell and BRUKS, as they complement each other very well both in terms of product portfolio and market coverage.
“Siwertell will benefit from BRUKS's strong position in the US market whereas BRUKS will gain access to Siwertell's Asian network, knowledge and exposure.”
BRUKS supplies the bulk material handling industry with mechanical-engineering and equipment, providing custom development of machines and systems and a large range of material handling options — in 2017, BRUKS generated a total of SEK 707 million in revenues.
Group CEO of BRUKS, Peter Jonsson, said: “Together BRUKS and Siwertell will have a strong position in the dry bulk handling industry and attractive growth opportunities in new markets and customer segments including biomass, bioenergy and biofuels industries.
“This cooperation will add customers, competence, additional knowledge, capabilities and products to support the future growth of the new company.”