MacGregor, a part of Cargotec Corporation, has received clearance from the German Federal Cartel Office (Bundeskartellamt) to acquire the marine and offshore businesses of TTS Group ASA.
The engineering solutions provider announced its acquisition of TTS in February 2018, a move which is expected to improve MacGregor’s services for shipbuilders, owners and operators.
Both companies, which collectively employ approximately 3000 people, are global providers of handling solutions and access systems.
By combining its business with TTS, MacGregor is aiming to diversify its portfolio and strengthen its market position in the cargo and load handling sector.
Steve Saxon and Matt Stone, McKinsey, and Peregrine Storrs-Fox, TT Club, look ahead to the future of container transport in a recent Port Technology Q&A
Speaking at the time, MacGregor President Michel van Roozendaal 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.
“Combining the strengths of these two companies creates exciting opportunities for innovation and technology development during a time of industry transformation.”
Cargotec’s Orders Grow by 15% #PTIDaily SEE MORE: https://t.co/Aq71gy2YlM@Cargotec #shipping #business #finance pic.twitter.com/LKbjYIz9lh
— Port Technology (PTI) (@PortTechnology) October 29, 2018
Toril Eidesvik, TTS Group CEO, also commented: “The ships equipment industry is moving towards larger, integrated units with global presence, offering a broader scope of products and services.
“In order to meet this challenge a combination of TTS's marine and offshore activities with MacGregor will be an important step in the consolidation of the industry, and is expected to be favourable to all TTS stakeholders in the long term.”
The transaction still requires regulatory approval in China and South Korea before it is completed.
According to a statement, MacGregor expects to receive the all clear by the end of 2018, after which it will complete the transaction as soon as possible.
Read more:
