MacGregor Reveals TTS Group Cargo Handling Acquisition


MacGregor, part of Cargotec, has agreed to pay US$ 106.4 million (€87 million) to acquire the major businesses from TTS Group, a global provider of cargo handling equipment and services for merchant and offshore ships.

Combining the businesses will produce greater scale and diversification and will strengthen MacGregor's portfolio and market position in key markets for cargo and load handling equipment.

More than two thirds of TTS shareholders support the transaction.

They have committed to vote in favour of the deal in TTS Group's Extraordinary General Meeting.

Based on preliminary estimates, MacGregor has estimated that potential cost synergies are will be around $37-43 million (€30-35 million) on annual level.

MacGregor expects to reach this within 3 years from closing.

The acquisition will strengthen MacGregor's marine and offshore activities in key areas and add further service growth potential through the increased installed base.

View Kalmrar, another branch of Cargotec that provides cargo handling solutions, in PTI's Supplier Directory

It will also strengthen MacGregor's position in China through the strategic joint ventures with Chinese state-owned shipbuilding companies CSSC and CSIC.

MacGregor has excluded TTS Group ASA and its shipyard solution business, TTS Syncrolift AS from the deal.

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.


TTS Group supplied passenger walkways as part of Stockholm's project to rebuild Värtahamnen, the city’s largest port


The sales of the business MacGregor aims to acquire totalled $197 million (€161 million) in January-September 2017, with operating profit excluding restructuring costs of the business standing at approximately $4.9 million (€4 million).

Service sales accounted for approximately 27%.

The net sales of the business that MacGregor aims to acquire equals approximately 90% of TTS' net sales.

Cargotec has calculated the figures based on full consolidation, but their actual impact on its financials is subject to the applied post-acquisition consolidation method of the joint ventures included in the acquisition.

The acquisition is subject to regulatory approvals from competition authorities.

Cargotec is expecting this to take place during the third quarter of 2018, with its outlook for 2018 remaining unchanged.

Michel van Roozendaal, President, MacGregor, said: “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.

“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.”

Read more: MacGregor, part of Cargotec, has made plans to split its Smart Ocean Technology division into a Cargo Handling division and Advanced Offshore Solutions division

Daily Email Newsletter

Sign up to our daily email newsletter to receive the latest news from Port Technology International.

Supplier Directory

Find out how to get listed

Webinar Series

Find out how to attend

Latest Stories

Cookie Policy. This website uses cookies to ensure you get the best experience on our website.