Pusnes purchase, worth €180 million, expected to be completed in Q1 2014
Cargotec’s MacGregor has entered into an agreement to acquire Aker Solutions’ mooring and loading systems unit for approximately €180 million.
The unit, known by the Pusnes brand name, provides mooring equipment, loading and offloading systems as well as a wide range of deck machinery for the global offshore and shipping markets.
This acquisition is highly complementary with MacGregor's existing offshore offering, including the earlier announced acquisition of Hatlapa, and positions MacGregor as a leading player in the offshore equipment market.
“The Pusnes brand has a strong position in large and growing markets with active relationships across diverse customer groups,” declared MacGregor president, Eric Nielsen.
“It has a solid position in lifecycle services with a large installed base and service scope.”
“The unit's flexible business model focuses on high-value activities and engineering competence with a dedicated management team.”
“All this fits perfectly with MacGregor's operating model and makes us an even stronger team than before.”
The acquisition is subject to regulatory approvals from competition authorities and it is expected to be completed in the first quarter of 2014.
The Pusnes business was founded in 1875, and is headquartered in Arendal, Norway. In 2012, the unit had sales of approximately €130 million and EBITDA of €20 million.