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17 February 2018 The on-line newspaper devoted to the world of transports 22:32 GMT+1



February 8, 2018

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MacGregor (Cargotec group) will acquire Core business of Norwegian TTS Group

In the 2017 new acquired orders from the Finnish group they are diminished of -3%

MacGregor, the brand of the Cargotec Finn who takes care of the commercialization of means and equipments for the naval field and the offshore industry produced from the group, has signed an agreement in order to acquire Core business of the Norwegian TTS Group that is constituted by the realization of systems and solutions of handling for the marine and offshore field. According to the forecasts, the cession will be put into effect within the first trimester of this year.

The two parts have specified that the value of the transaction will be of about 840 million Norwegian crowns (87 million euros) and Cargotec has specified that, second the first esteem, the acquisition will allow to activate synergies that will afford to obtain annual savings pairs to about 30-35 million euros within three years from the completion of the transaction.

By the transaction they will be excluded TTS Group ASA, group leader of the Norwegian company, and the TTS Syncrolift AS, that it develops solutions for the shipbuilding field of the naval one, activity on which after the transaction the TTS will be focused that will be renamed Nekkar ASA.

Cargotec has evidenced that the acquisition will allow with MacGregor to strengthen own presence in joint venture China through strategic with the shipbuilding groups Chinese publics CSSC and CSIC. TTS, in fact, collaborates with both Chinese navalmeccanici groups and with the CSSC it has constituted in 1998 joint venture joint TTS Hua Hai Ships Equipment Co. that it has center to Shanghai, and that 50:50 is one of three joint venture constituted in China; moreover TTS in 2001 has instituted to Shanghai branch TTS Marine Shanghai Co. and in 2008 to Dalian branch TTS Marine Equipment (Dalian) Co.

Group TTS, that it is founded in 1966, is quoted to the Stock exchange of Oslo and has about 930 dependent, has branches in Belgium, Brazil, China, South Korea, the United Arab Emirates, Germany, Greece, Italy, Norway, Poland, Singapore, Sweden, the USA and Vietnam.

Cargotec has specified that in the first nine months of the 2017 activity of the TTS that MacGregor intends to acquire they have totaled a turnover of 161 million euros, than for 27% about is constituted by the sale of services, and an operating profit to clearly of the restructure costs the pairs to about four million euro. Moreover the turnover clearly of these activities is pairs to about 90% of the total turnover of group TTS.

Cargotec has emphasized that beyond the two third party of the shareholders of the TTS they are in favor of the transaction and they have been engaged, in occasion of the next extraordinary shareholders' meeting in 12 program next March, to giving own ballot so that it is put into effect. Moreover also beyond the two third party of the convertibile bonded carriers they have confirmed the same engagement.

While the Cargotec group has announced to have concluded the exercise anniversary 2017 with revenues pairs to 3,28 billion euros, with a decrease of the -7% on the exercise precedence. The operating profit is piled to 226,7 million euros (+15%) and the profit clearly to 136,3 million euros (+9%). Last year the Finnish group has obtained new orders for a value pairs to 3,19 billion euros (- 3%) and the value of the orderbook on 31 December has been attested to 1,55 billion euros, decreasing of the -13% regarding on December 31, 2016.

Last year the revenues generated from the single MacGregor division have been pairs to 576 million euros (- 26%) and the brand have produced an operating profit of 11,5 million euros (- 36%). In the 2017 new acquired orders from MacGregor they have totaled 522 million euros (- 4%) and to year-end the pocketbook orders of the brand have turned out pairs to 487 million euros (- 19%).

In the 2017 revenues of the Kalmar, the brand of the active group in the field of the cranes and means of handling for the terminalistico-harbour field, has turned out decreasing of the -4% being is pairs to 1,62 billion euros and in this segment of activity the operating profit has been of 136,6 million euros (+1%). Last year Kalmar has confiscated new orders for 1,55 billion euros (- 10%) and on 31 December its pocketbook orders turned out of 765 million euros (- 15%).

Last year the brand Hiab, third main Core business of Cargotec that is active in the section of means of handling for the terrestrial transport and the industrial section, has recorded revenues pairs to 1,08 billion euros (+5%) and an operating profit of 157,3 million euros (+12%). In the section the new orders are piled to 1,12 billion euros (+10%) and the value of the orderbook has grown of +4% to 299 million euros.

In the solo fourth trimester of the 2017 Cargotec group has obtained new total orders for 784 million euros, with a bending of the -5% on the same period of 2016, of which 126 million euros for the brand MacGregor (+26%), 369 million for Kalmar (- 16%) and 289 million for Hiab (+2%).

In the last trimester last year the revenues of the Finnish group have been attested to 902 million euros (- 3%), the operating profit has been of 57,3 million euros (+169%) and the profit clearly of 29,7 million euros (+143%).


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